Regulation and Supervision It is undoubtedly the case that the standards of governance and risk management in financial 4/6  BIS central bankers' speeches  services firms have improved in the last decade. This has been driven by the strengthening of the regulatory framework and the intrusiveness of supervision.
In more normal times, when short-term policy rates are not constrained, I expect that balance sheet policies will be rarely used. By contrast, forward guidance and other forms of communication about policy can be valuable even when the zero lower bound is not relevant, and I expect to see increasing use of such tools in the future.