The importance of a micro-prudential perspective It goes without saying that the soundness of individual financial institutions, in other words the micro-prudential perspective, plays a key part in ensuring financial stability. Given banks' crucial role in financial intermediation, their soundness, above all, is essential to financial stability.
1/3  BIS central bankers' speeches  This journey officially began in December 2015 when we launched the National Retail Payment System Project or the NRPS. As a policy framework, the NRPS lays down the principles and necessary elements of our envisioned safe and efficient retail payment system. Let me just highlight for a moment the concept of efficiency.