Speakers have highlighted how the exceptional conditions resulting from the COVID-19 pandemic have led to some kind of “change of eras”, evidencing both the inability of purely neoliberal policies to solve the crisis, and the need for structural reforms aiming at inclusive, sustainable growth.
It also clarified that OIS should be the dominant option which would replace yen LIBOR swaps. The statement by the Committee is well in line with the global standard concerning the LIBOR transition in derivatives, as proposed by the Financial Stability Board (FSB).