We should seek to reexamine whether the systems put in place and operated, which  BIS central bankers’ speeches  5  were appropriate to conditions prevailing at particular times before, are still effective. Although it would be risky to reform a system during a crisis, it will be appropriate to build a new one once the crisis has been overcome.
It is clear that, if the institutional arrangements or policies in the real and financial sectors introduced at the initial stage of globalization continue to be implemented nowadays, they will pose burdens to operation of the economy.