BIS central bankers’ speeches  1  In addition to changes in the regulatory and supervisory landscape, the banking industry itself has also undergone major changes. Advances in technology and shifts in industry composition between depository institutions and nondepository companies have changed the types of financial services and products that are offered, as well as how those services and products are accessed.
Fifth, it is indispensable to establish adequate institutional arrangements for the design and implementation of macroprudential policies. In general, such institutional arrangements should be effective, in the sense that they enable the corresponding authorities to take preventive action, in a timely and coordinated fashion. Nonetheless, I would like to emphasize that there is no one recipe that works in all cases.