-  If the credibility of the government is in doubt, we will get the fourth effect of a higher government deficit, this time in the foreign currency market. We often note the relative stability of this market, despite the decline of long-term capital inflows and the regional tension.
Above all, we need •  to find a solution for the SIFI problem;  •  to ensure that all financial institutions can be resolved without dragging down the whole system; and  •  to identify the shadow banking system and expose it to supervision.