Third, we, as the monetary authority, feel that increasingly competitive financial markets are playing enhanced feedback role in the financial system. They help us not only in terms of information content on yield curves, but also in gauging market expectations and designing better communications.
2  BIS Review 65/2006  Fourth, while competition in the domestic markets is in many ways, enhancing effectiveness of the monetary policy, the increasing integration of our financial sector with global markets is, arguably, making the monetary policy transmission somewhat more complex than before. My co-panellist Governor Axel Weber made a mention of this aspect in his intervention.