... Given a constraint of a world limit it is impossible to go through all the arguments within the scope of the topic, that is why, I tried to choose only those, which were in my opinion of the most prominence. 2. The role of the financial sector in economic development It is by now widely agreed that finance contributes to long-term prosperity. It is obvious that advanced economies have sophisticated financial systems. What is not obvious, but is borne out by the evidence, is that the services delivered by these financial systems have contributed in an important way to the prosperity of those economies. Getting the financial systems of developing countries to function more effectively in providing the full range of financial services is a task that will be well rewarded with economic growth. An efficient and stable financial sector is important for economic growth and poverty reduction. The ...

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