BIS central bankers’ speeches  11  not stay in its place, but evolve. The decision to make our Reserve Management Group a semi-autonomous body was made in order to improve efficiency. A reward system should be developed for those creating externalities, and only in this case will the organization be operated as it should.
Obviously, a high degree of financial efficiency, in which resources are allocated efficiently from savers to investors and where risks are appropriately priced and distributed, normally contributes to financial stability. At the same time, stability is a precondition for a smooth and efficient functioning of the financial system.