These benefits relate to the maintenance of accommodative liquidity conditions for banks and the economy, as well as the avoidance of financial turbulence in the event of a sudden rise in interest rates in the markets.
Second, we as central bankers have gained a much better understanding of how the financial system operates and how risks to the stability of the financial system may develop. A lot has been done to make the system much safer than it was 10 years ago and as resilient as possible.