Yet as we’ve learned from some forms of non-bank financial intermediation, those products, services, and institutions that fall between the regulatory cracks one day can become systemic problems the next. The goal of our work is to guard against new risks that emerge from innovation without stifling this same innovation.
Indeed, the global financial system’s reliance on information technology remains a known risk, but one that has been well managed during the crisis. Technology has allowed us to coordinate 4/5  BIS central bankers' speeches  and communicate more effectively throughout the COVID event. Virtual calls have quickly replaced in-person meetings.