Earlier this year I was asked to chair a global Working Group with participating central banks from North America, Europe and Asia for the so-called Committee on the Global Financial System, CGFS, which works under the Bank for International Settlement.
Our aim was to assess how the regulatory initiatives together with the low-yield environment have affected the fixed income strategies of institutional investors, such as pension funds and insurance companies, and to draw implications for the financial system. In doing so, we relied on bilateral interviews and regional roundtables, involving 70 private sector institutions.