That is not a long time considering the extent and complexity of the challenges for the transition from LIBOR to alternative benchmarks. It is also difficult to say that the awareness of those issues is being shared fully among the relevant parties.
This smooth handling of global imbalances has been helped by innovations in financial markets that have led to new ways to price and transfer risk. Currently, there is little evidence to suggest that these risks are being distributed inappropriately across the global economy. But assessing such risks is very difficult.