Seventh, capital account liberalization can lower the cost of capital. However, it should be gradual because excessively rapid liberalization introduces avoidable macroeconomic risks. Capital controls should be imposed if necessary (CGD, 2008, p. 57).10 Eighth, social safety nets are necessary, not primarily for pro-poor reasons, but for instrumental reasons: without them, “popular support for a growth strategy will quickly erode” (CGD, 2008, p. 6).