Financial institutions and financial markets play a central role in the effective and efficient allocation of capital in the real economy. 4/7  BIS central bankers' speeches  Financial institutions and financial markets help decide which projects are financed – and which ones are not.
We need to leverage this steering effect and thus support the necessary structural change – the transformation of the real economy. Here, financial markets have two special features: First, financial markets respond faster to new information than the real economy can.