Let me illustrate the importance of each of these considerations by drawing on some of the lessons of the crisis which I briefly mentioned earlier:   The crisis highlighted the vulnerability of some business models, in particular those models which relied heavily on wholesale markets for funding.
We will continue to promote greater market efficiency and price discovery through further refinements to our interest rate corridor framework and monetary operations. We will also lower friction costs in the banking sector to foster more efficient financial intermediation, which will be further enhanced by the availability of alternatives offered by FinTech and digital innovation.