On the other hand, financial regulators are struggling to understand the implications of digital innovations because there is hardly any consistent statistical information on how those innovations change market structures. Following the financial crisis, new statistical projects have thus been launched that decouple monitoring from regulation and that satisfy the data needs of a wide range of policy fields.
We are also considering other changes, as I discussed last week when testifying to Congress. Third, the Federal Reserve is reassessing whether the Volcker rule implementing regulation 1/2  BIS central bankers' speeches  most efficiently achieves its policy objectives, and we look forward to working with the other four Volcker rule agencies to find ways to improve that regulation.