By implementing CCPs and by actively supporting market participants in reducing the risks of OTC derivatives, national authorities can effectively mitigate the risks inherent in these markets, thereby fostering financial stability. Let me also inform you about another initiative, regarding the measurement of the credit risk transfer.
In the major developed countries, interest rates at the short end were also lower than normal for a long period after the mild 2001 recession in some of the G7 countries, as monetary policies sought to manage the particular circumstances each country faced. This was associated with an unusually stable period for macroeconomic conditions.