We also have to encourage better coordination with our fellow regulator of the securities market. We have to bring in more competition in the credit rating business and in the auditing field. Simply put, we have to set new standards and work hand in glove with the financial industry. BIS Review 4/2007  5
Furthermore, since the money demand function became unstable with growth expectations declining as deflationary sentiment took hold and interest rates approaching the zero lower bound, the effectiveness of accommodative monetary policies may have declined accordingly. Thus, it is likely that accommodative monetary policies that would have been quite powerful based on conventional standards had a much smaller effect than expected.