In other words, we need to uphold transparency, be mindful of contagion and concentration, and monitor simple risks that can subtly transform into systemic vulnerabilities. Ladies and gentlemen, vigilance has been the seed for which we are now reaping the fruit of macro-financial strength.
Being continually cognizant of the need for such vigilance and adhering to the discipline of governance are the keys to continued resilience. These are the responsible investments we need to make and with contributions from all stakeholders, we can expect a better and stronger financial market ahead. Thank you and good afternoon. BIS central bankers’ speeches  3