11 / 16  BIS central bankers' speeches  The implication is that sticker services prices spread much more widely through the economy via their effect on firms’ marginal costs. 31 On my next slide you can see the impact on the transmission of monetary policy.
In some countries, bank supervisors have an explicit responsibility to ensure that banks adhere to existing laws and maintain and implement appropriate consumer protection policies. For example, in the United States the federal banking agencies play an important role in fostering not just a safe and sound banking system, but also one that is diverse and fair in meeting the needs of consumers.