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The 2008 banking panic painfully exhibited the risk of creating institutions perceived as too big to fail.
Rather than creating institutions to ensure a smooth political succession, they give the impression of wanting to rule for ever.
According to economists, this alone increases by 50% a country's chances of creating institutions that promote development.
For years, mergers and takeovers have been creating institutions that bring together different specialisations: commercial and investment bank, stockbroker and trader, insurer and fund manager.
It will require, invariably, creating institutions that can be trusted – not easy to do when our institutions abuse such trust every day.
So it is a explicit commitment to act in terms of policies and creating institutions for the long term rather than the short.
Similar(38)
"We need to create institutions and empower the institutional heads," says former Reserve Bank of India governor Jalan.
He has to create institutions that will outlast him.
Only this will create institutions able to fend for themselves in a globalising industry.
"It's extraordinarily difficult to create institutions in other societies," Dr. Fukuyama said.
"Newcomers always have to create institutions that are going to represent them.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com