4. Recent financial system reforms
This section describes and assesses financial system reforms which have taken place during
the last five years, i.e. since normalization after the crisis, and which are going to occur in the near
future.4 Most elements of these changes have been outlined in the financial sector master plan
(FSMP) which was developed in 2002/2003 and approved in early 2004. However, we organize
our discussion according to the three elements of structural change introduced in Section 2, i.e.
Sub-Sections 4.1 to 4.3, and add a Sub-section 4.4 on improved broad access to financial services
as laid out in the financial sector master plan of 2004.