For both our countries, openness is the only way to prosperity – as Governor Whitaker would probably remind us – so the only choice we have is accept the cost of being vulnerable to external shocks. Or more aptly, as Whitaker wrote in Economic Development, "the readiness to adapt to changing conditions".
As tigers and lions together, we know that we must be prepared to handle a 'cat's day' every day. As central bankers and supervisors, we are responsible for financial stability. And the main financial stability risks we face at the moment are global risks.