4  BIS central bankers’ speeches  An illustration of the possible interaction between better data and better policies is the potential role of margins in securities financing transactions. The more stringent regulation of the banking sector may push short-term financing activities to less regulated entities.
As regards demand, lower GDP growth in emerging markets has tended to reduce oil demand growth, especially in light of the secular increase in global oil efficiency. Natural gas price declines also appear to be long lived in light of the North American shale gas boom, recent discoveries of vast gas fields in developing countries and the resumption of nuclear-powered electricity generation in Japan.