Rather, we see derivatives as enhancing the efficiency of financial markets and this is why we are determined to put in place in the near future the necessary building blocks for its rapid development. We are conscious that derivatives involve multiple extra policy responsibilities for the Bank. Derivatives and derivatives-trading have the potential to bring disaster if not properly supervised.
The problem is quite relevant because there are indications that the so-called natural rate of interest (the medium-term equilibrium real rate of interest) may have declined in the recent years, and may be clearly below what was thought to be normal in the past. This has several implications.