8 / 16  BIS central bankers' speeches  As is well known, Tobin’s Q is defined as the market value of a firm’s assets (typically measured by its equity price) divided by its accounting value or replacement costs. Under certain assumptions, it should capture the main economic fundamentals determining investment.
So, we might be one of rare institutions that have not changed way we operate due to the GFC. Let me remind you that we have some important instruments at our disposal and we do our best to use them efficiently on BH's way to the EU, including firstly reserve requirement; The CBBH is in charge of regulating reserve requirement imposed on commercial banks.