But the risk that the recent homeward flow of bank assets will ossify into a less efficient, less flexible cross-border banking system is real and growing.
"Because economies that work only for the few and do not bring out the best in all its people will ossify and be left behind, equality of opportunity is an economic necessity, " he said.
They knew enough to understand how hard they could push without breaking things (the rate of return they demanded would soon ossify into a ritualized expectation of stable growth rates, a big enabler of the rise of a middle class that could basically withdraw from the risk frontier).