The evolution of the expected return on equity is markedly different: It features the same downward trend as the short‐term interest rate until the early 2000s but then remains more or less stable. The disconnect between a stable expected return on equity and a declining short‐term interest rate is particularly salient after 2002, and even more so since the beginning of the Great Recession.
We have also re-established a high-level “Market Leaders Forum” where representatives of the Central Bank, National Treasury, and the large  BIS central bankers’ speeches  1  commercial banks and custodial investors, discuss freely the government’s domestic borrowing plans. •  Close policy coordination between the monetary and fiscal authorities is also important.