I should note that an important part of putting the macroprudential approach into practice is establishing a new regulatory infrastructure, including the FSOC and its working-committee structure. In addition, individual regulatory agencies have made organizational changes needed to fulfill their new responsibilities.
Their performance depends on not only business activities, such as the development of new goods and services as well as company-wide increases in productivity, but also financial activities, such as reduction of funding costs and control of market- and payment-related risks. We can also observe changes in the financial needs of households.