On the contrary, the pressure to adjust deriving from the single market and from globalisation will, if anything, tend to grow stronger rather than weaker. BIS Review 30/1997  -5-  Incidentally, the increasing competitive pressure by no means implies that all countries have to pursue the same economic and social policies.
If it is to achieve its objectives, macroprudential policy cannot afford to remain static. It has to evolve, in line with the evolution of the economy and the financial system. And the changing nature of financial intermediation in the commercial real estate market is an important structural development.