Small and mid-size entities, for example, may choose to apply the framework in a less formal and less structured way and scale it to their own needs - as long as quality is maintained. This underscores the message from bank supervisors that good risk management is expected of every institution, regardless of size or sophistication.
And we should be aware of potential side effects from running expansive policy for too long. An important principle of an open market economy is price formation in markets through the interaction of private sector agents. It should be those interactions that ensure correct pricing, and not the interactions that take place as a result of our asset purchases.