Nonetheless, we should be mindful that in an era of new normal with political uncertainty, all of us should relentlessly and collectively strengthen the foundations of global financial system. In this spirit, we are bringing all the relevant stakeholders to the table to continue the policy dialogue.
To be clear, I do not deny that financial liberalisation and financial innovation over the past two decades have made important contributions to the overall productivity of our economies. For example, the securitisation of assets – the transformation of bilateral loans into tradable credit instruments – had tremendous potential for the diversification and efficient management of economic risk.