In recent years, the global financial system has witnessed several episodes of instability due to the external repercussions of monetary policy measures by major countries, the development of financial cycles characterised by excessive credit creation followed by sudden stops, and large movements in the exchange rates of both advanced and emerging market economies. The standard therapy for dealing with these disturbances has been a mix of putting one's own house in order, greater transparency and better communication of economic conditions and policy stances, accompanied by more effective financial regulation and safety nets.[...]