The regulatory  1/4  BIS - Central bankers' speeches  environment has yet to respond to the growing importance of international payments and to new forms of payments and providers. This brings me to what needs to be done now. For domestic payments many solutions are emerging to lower costs and enhance inclusion.
Second, even if deflationary pressure intensifies in the short run as a result of structural reform, current monetary policy has an automatic adjustment function such that the easing effects strengthen through the policy duration effect. Third, in the process of structural reform, liquidity concerns might increase in financial markets when non-performing loans are disposed of.