And if so, does this mean monetary policy is becoming ineffective? I do not want to go too much into the details. Let me just make two points: First, even if it is true that long-term interest rates are increasingly determined on the global capital market, this by no means renders monetary policy ineffective.
These often generate a greater  BIS central bankers’ speeches  1  demand for financial services and products, create new jobs, and enable people to buy assets, grow their wealth and improve living standards.