Financial market reforms, domestic banking supervision and macro-prudential regulations designed to reduce financial fragility are not covered in country-specific Going for Growth priorities as this in an area where collective rather than isolated action is needed (see Box 1.1 in Going for Groioth 2011). A growing body of research highlights that rapid increases in domestic credit have can have predictive power over subsequent crisis (Gourinchas and Obstfled, 2012, Jorda, Schularick and Taylor, 2011, Schularick and Taylor, 2012, Borio and Lowe, 2002). In looking at the implications for the current account, the section considers the impact of structural reforms on both public and private investment and saving rates, and hence including the effect occurring through a change in the fiscal balance.