I do not mean to suggest that regulation has worked perfectly and needs no improvement or maintenance. I think where we find improvements are necessary, we should make them. But we should also be working toward a defined goal and verifiable end state that incorporates the principle of efficiency. And of course, regulation should be durable throughout the economic cycle.
3/4  BIS - Central bankers' speeches  Today's highly uncertain environment requires also agile policymaking; policies that adapt rapidly to changing circumstances. However, the current inflationary context is more challenging in this respect. We should be aware of our mandates and acknowledge each other's responsibilities and limitations.