This is why I will use this opportunity and present to all of you some specific results of our work, as well as positions on certain issues which have arisen while performing that activity. Above all, we invested effort into reforming the regular financial reporting system of insurance undertakings as well as the system of their reporting to us, as the supervisor.
On the one hand, they are credited with a key role in the development of the modern day economies by alleviating resource constraints and facilitating technology transfer. On the other hand, they are also blamed for several external debt and financial crises. Understanding the various facets of capital flows has been intellectually challenging as the reality runs counter to theory.