13 European Banking Authority (2018), EBA report on the impact of FinTech on incumbent credit institutions’  business models, EBA, London. 14 See Nikolov, P. (2016), “Cross-border risk sharing after asymmetric shocks: evidence from the euro area and  the United States”, Quarterly Report on the Euro Area, 15(2): 7-18, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, Brussels. 15 Andersson et al. (2018), op. cit. 5/5  BIS central bankers' speeches
But it is increasingly accepted as the best means we have raising the sustainable rate of growth - and employment - and living standards - at the macro-economic, and international, level. BIS Review 11/2002  1  These trends together have resulted in substantial economic progress in most of the developed economies. But - and this is the third theme I would draw attention to this morning - there was growing recognition of the fact that not all countries were equally well-placed to share in the potential benefits of free markets within a stable macro-economic framework, and of the need - as a matter of self-interest and not just social responsibility - to help draw other countries in to the global economy. Emerging markets and transition economies have increasingly gained access to international capital markets. And there is an increasing emphasis on the need to help the poorest countries that are seeking to help themselves to participate. This last concern will be on the agenda of the Monterrey conference next month. Now, all of these developments have had - and will continue to have - enormous influence on the evolution of the financial environment, including bond markets internationally. Monetary stability has brought a sustained decline in nominal government bond yields in industrial countries, and a narrowing of yield differentials, which was inconceivable during much of the earlier part of my working life.