That would allow the banking sector to remain part of the solution to the crisis, by lending to households and firms, and to contribute to the economic recovery once the pandemic is over. The sector should also focus on tackling the challenges it faced before the pandemic, such as low profitability, as well as new risks, notably those stemming from intensive technology use and climate change. Thank you. 11
The EU’s new Markets in Financial Instruments Directive (MiFID), for example, is expected to bring about important changes and intensify competition in the European financial market. This development will also influence the future of financial market infrastructures in Switzerland. Against this background, it is certainly crucial for the Swiss financial market infrastructures to persistently foster their competitiveness. They have pursued this strategy so far, and will need to continue doing so in the future. BIS Review 87/2006  1