4  BIS Review 68/2008  private markets for securitization products so that price discovery could proceed and credit flows resume. Those actions raise a number of difficult public policy questions for central banks and other public authorities.
However, in many cases enrolment in supplementary funds is being discouraged by the excessive fees charged to savers; little of the benefit of the economies of scale generated by the growth of pension fund assets has materialized so far. Competition must increase; fees are insufficiently transparent and the restrictions on portability are excessive.