But let me just note four aspects of them that are of key importance. First, they cover all phases in the life of a bank, from initial licensing, through ongoing supervision, to eventual closure procedures. Second, they apply to both domestic and internationally active banks. Third, the rules are applicable to banks operating in emerging markets as well as to those of industrial countries.
Current demographic developments are widely seen to act as a negative labour supply shock that would reduce future global growth via lower investment and productivity; this could also result in further downward pressure on real interest rates.