5 And real rates are quite low globally, reflecting the step-down of productivity growth over the past 10 years as well as shifts in savings and investment demand due to demographic change.
6 The Core of the Financial System Is Much Stronger Before turning to the interplay between low rates and the financial system, I will simply point out that both improved risk management at the largest, most systemically important financial institutions (SIFIs) and stronger regulation have made the core of the system much stronger and more resilient than before the crisis.