In such a situation, I view the conduct of monetary policy as a balancing of risks. One risk is that industrial restructuring has been quite extensive.
Those improvements were motivated by their self-interest, which was reinforced by recommendations from their prudential supervisors and from the Counterparty Risk Management Policy Group (CRMPG), a group of twelve banks and securities firms that were among the most significant counterparties to  BIS Review 32/2005  5  hedge funds.4 However, recently there have been reports that competitive pressures have resulted in some weakening of risk-management practices.