(ix)  Develop financial safety net frameworks which range from the introduction of small depositor protection scheme, empowering the central bank with the lender of last resort functions and developing an appropriate bank exit frameworks. It is critical that all these schemes are developed in line with international best practices while avoiding the moral hazard consequences.
4  BIS central bankers’ speeches  Implications for monetary policy Given this economic outlook and the attendant uncertainty, how is monetary policy likely to evolve over the next few years? Because of the substantial lags in the effects of monetary policy on the economy, we must make policy in a forward-looking manner.