The magnitudes involved were impressive: long-term interest rates in Portugal declined from over 12 per cent, in April 1995, to around 4 per cent, in December 1998, just before the country adopted the euro. During the same period, the 10-year interest rate differential against the D-mark narrowed from over 5 percentage points to about 30 basis points.
If institutions are too complex, it’s even more difficult and therefore perhaps more expensive to resolve them. The need for change is obvious. And responsibility for this change lies in your hands, too! I see three areas where you can contribute to achieving this change. BIS central bankers’ speeches  1  First of all, banks’ business models must not be unduly complex.