Globalization also presents challenges for corporate treasurers and for other corporate decisionmakers. The importance of managing risk related to foreign exchange rate fluctuations usually grows with the size of a firm's foreign sales and production. And operational risks have also become more important at many firms.
Much closer attention is now being paid to the responsibilities of monetary policy for financial stability and, more generally, to interactions and possible conflicts between policies that foster price and financial stability. Macro-prudential policies now feature highly on the agenda of financial authorities. With policy rates in major advanced economies virtually at the zero lower bound, unconventional monetary policies are increasingly considered. 20.