While the concerns relating to uneven implementation of reforms may be an issue, forcing home country jurisdictional requirements onto host country entities, particularly financial market infrastructure entities could become a sensitive subject. From an EMDE perspective, this also comes in the way of achieving other objectives, such as, mandating central clearing for certain standardised OTC products.
For instance, the decline in longer-term rates lowers the cost and increases the availability of capital and credit, which in turn encourages business  BIS central bankers’ speeches  3  expansion. In the most recent episode, another important result of lower rates has been a reduction in debt service burdens from existing debt. Households in particular have significantly reduced mortgage payments through refinancing.