*  *  *  The theme of this conference – "Adapting to a New World Order" – suggests that it is clear how global commerce and finance will be reorganized in the wake of the current crisis. However, the outcome is far from preordained.
BIS central bankers’ speeches  3  Strengthening capital markets: the role of securitisation However, it will clearly take some time for these measures to repair the bank lending channel. At the same time, it is unrealistic to expect that SMEs can widely borrow from nonbank investors, at least in the short-term.