I would like to focus on two sets of initiatives, both of which aim to make financial transactions easier to track and more transparent: the launch of the Legal Entity Identifier (LEI) and the ongoing reforms to improve the transparency of the over-the counter (OTC) derivatives markets.
Central banks have to rely on the development of new conceptual frameworks, models and tools that allow us to assess the effectiveness and transmission channels of alternative policy instruments (such as loan-to-value ratios, bank capital requirements, leverage caps, liquidity ratios etc.) as well as their interactions with the broader economy.