Regulators also need to improvise to address single-point-of-failure risks arising from market concentration, as much as they need to be alert to new points of failure arising from shifting value chains. The Indian Experience 12. The approach to regulation taken by the Reserve Bank has been to create the environment 2/4  BIS central bankers' speeches  where digital innovation can thrive.
Three soft landings 20  Federal funds rate, percent  Monthly  20  18  18  16  16  14  14  12  12  10  10  8  8  6  6  4  4  2  2  0  0  -2  -2 2022  1966  1973  1980  1987  1994  2001  2008  2015  Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research (NBER): December 1969 to November 1970, November 1973 to March 1975, January 1980 to July 1980, July 1981 to November 1982, July 1990 to March 1991, March 2001 to November 2001, December 2007 to June 2009, and February 2020 to April 2020.