Andrew Haldane begins by stating that there is a tension between the speed with which emerging market economies' capital markets are widening and deepening and the extent to which international investors are seeking to diversify their portfolios to spread risk and boost returns. He calls this the Big Fish Small Pond (BFSP) problem. He says any imbalance between the rates at which international capital is distributed and absorbed could "...cause ripples right across the international monetary system". As an example, he notes that last year's flow of capital into emerging markets was large relative to some emerging asset markets. This caused "bubbly behaviour in emerging asset markets" and public policy responses ranging from capital flow restrictions to macro-prudential measures.