Moreover, I believe the deferral of the full implementation of the Basel III standards by one year and encouragement for banks to use their capital and liquidity buffers, among other measures, have contributed to securing the smooth functioning of financial intermediation. II. What Will Be Required of Future Policy Responses Next, I would like to consider what will be required of future policy responses.
We are seeing major geopolitical shifts as well as new and emerging competitive forces. We are entering a new monetary policy environment: the disin ationary dynamics some of us have become used to are probably behind us. And we are seeing large scale regulatory changes. It is a world in transition. And it is changing fast.