##isation, that is to say, reinstating control mechanisms, is not a sensible alternative. the re - introduction or maintenance of administrative controls in an otherwise liberal environment is fundamentally problematical. firstly, market participants will always contrive to avoid these controls and, if anything, they are more imaginative than the controlling authorities. secondly, capital restrictions are very expensive to implement in most cases. to be effective they must be applied on a comparatively broad front and could therefore also hinder desirable capital movements. what is more, they may also delay the necessary development of an efficient financial sector. this is illustrated by what is now happening in malaysia. the desperate measure that president mahathir took in introducing restrictions on capital movements in the middle of the crisis to stop capital outflows did bring a certain degree of stability in the short term. in the longer term, however, this had an adverse effect on the confidence of foreign investors. however, this does not rule out considering in individual cases the opening - up of the domestic financial market based on a sensible sequence that takes account of the given financial sector ’ s ability to cope with volatile financial flows. controls to alter the volume and composition of capital inflows can help to prevent crises by limiting from the outset the potential withdrawals in the event of a change of mood in the markets. chile has devised a successful approach to limiting short - term capital imports in this respect. in addition to that there is a strong argument that chile owes its stability to improved and sounder banking regulations. the route of limiting short - term capital imports can only be taken, however, if the right direction is followed, if it is an interim measure and if it is complemented by strong and well designed prudential regulations. otherwise, market confidence will be put at risk. and the breathing space “ bought ” in this way must actually be used to achieve the structural change. permanent controls entail the danger of undesirable developments in the banking sector and in the economy as a whole. payment moratoriums are not a feasible option either. in the wake of the russian crisis the mere announcement of no more than a 90 - day moratorium by the brazilian region of minas gerais visa - vis the central government shook the confidence of market participants for quite some time and provided the initial spark for the present currency crisis, whose spillover effects have hit your country particularly hard. these examples show that the particular challenges posed by global markets cannot be mastered by re - regulation and

. org / reports / world - energy - outlook - 2022 ] world energy outlook 15. international monetary fund ( 2022 ) : public sector must play major role in catalyzing private climate finance [ https : / / www. imf. org / en / blogs / articles / 2022 / 08 / 18 / public - sector - must - play - major - role - in - catalyzingprivate - climate - finance ] 16. international monetary fund ( 2022 ) : public sector must play major role in catalyzing private climate finance [ https : / / www. imf. org / en / blogs / articles / 2022 / 08 / 18 / public - sector - must - play - major - role - in - catalyzingprivate - climate - finance ] 17. international monetary fund ( 2022 ) : how to scale up private climate finance in emerging economies [ https : / / www. imf. org / en / blogs / articles / 2022 / 10 / 07 / how - to - scale - up - private - climate - finance - in - emergingeconomies ] 18. european investment fund ( 2022 ) : [ https : / / www. eif. org / what _ we _ do / equity / news / 2022 / cop27 - eif - supports - 2 - 5 - billion - of - climate - actioninvestment - with - five - venture - capital - private - equity - and - infrastructure - fund - partners. htm ] cop27 ( conference of the parties ) : eif ( european investment fund ) supports €2. 5 billion of climate action investment with five venture capital, private equity and infrastructure fund partners