With the latter factors in mind, economies have introduced a range of country-specific measures including macro-prudential regulations to respond to sudden capital inflows and outflows in emerging economies. Thus far, there is no consensus on appropriate approaches to deal  BIS central bankers’ speeches  5  with such volatile capital flows.
For example, since last summer the average cost of borrowing for euro area nonfinancial corporations has fallen by around 70 basis points, and by 90 basis points and 110 basis points for NFCs in Spain and Italy, respectively.