In addressing these situations, the Federal Reserve must ensure that consumers have adequate protection and that regulations are consistent with the changing technological environment. Changing payment practices can also expose financial institutions to growing risks.
I would like now to outline these findings in greater detail. 3. German equity and bond markets  Risk premiums on corporate bonds are currently very narrow. At times in 2014, risk premiums for non-investment grade paper in the euro area were no more than just under 300 basis points. So they came very close to the lowest levels seen in the pre-crisis era.