I will focus on some implications of unconventional monetary policies in advanced countries for the global economy and financial markets. To this end, I will first attempt to analyze the possible benefits and costs of the unusual monetary accommodation that characterizes today’s international environment. Then, I would like to describe some of the effects of these stances on emerging-market economies.
1/3  BIS central bankers' speeches  We anticipate that specific payments legislation and regulation will emerge from our efforts in these areas. Finally, we have transitioned to the issuance of government securities in a dematerialized format, with the expectation that secondary trading of securities will be made easier.