Financial markets and institutions perform the essential function in an economy of channelling funds to those individuals or companies that have productive investment opportunities. If the financial system does not perform this role well, then the economy cannot operate efficiently and economic growth is severely hampered60. Sustainable economic growth requires intermediary channels to allocate funds efficiently. The economics literature on financial repression demonstrates that underdevelopment of a country’s financial sector is an important reason for the poor state of its economy. In the last twenty years, countries all over the world have experienced severe bouts of financial instability. Banking crises have become frighteningly common and have struck some economies with devastating effects. This drew public attention to the question of the financial system stability, which is a term used to refer to a state in which the financial system functions properly, and participants, such as firms and individuals, have confidence in the system. The role of the financial stability for an economy cannot be overestimated. In should treated be as a common good and the centre of attention of policymakers throughout the world. 59