A Bank of Canada working paper concluded that the overall level and quality of financial services is an important influence on long-run economic growth. 18 In other words, the most important issue is not markets versus intermediaries – but how to ensure the proper functioning of both markets and intermediaries.
1/2  BIS central bankers' speeches  With regard to strategic regulator-industry collaboration, our third pillar, we formally established the Euro Cyber Resilience Board (ECRB) for pan-European Financial Infrastructures in March 2018, as a forum for strategic discussions between financial infrastructures and authorities.