One of the key factors behind the rise in inventories was the initial decision by traditional oil-producing economies to abandon production targets, and hence to put downward pressure on oil prices, in response to the unprecedented surge in shale oil production in the United States that took off at the beginning of the past decade.
Princeton. BIS central bankers’ speeches  macro-prudential instruments and several further elements. In the EU these rules have been translated into the Capital Requirements Regulation, CRR, and the Capital Requirements Directive IV. Moreover, in the euro area, we have created the Banking Union with a single supervisory mechanism and a single resolution mechanism. And the reforms have actually worked.