What does "in light of ..." refer to in the following passage (emphasis added)? Is it a reason for " concentrating on domestic financial development and regulation against"? Or it is complementing "against the backdrop of the...".
The report concentrates on domestic financial development and regulation against the backdrop of the financial crises that were a worrisome feature of the decade and in light of the increasing mobility of capital that the other reports encouraged by calling for an easing of capital controls.