Duffie, Darrell and Arvind Krishnamurthy (2016) “Passthrough efficiency in the Fed’s new policy setting”, Jackson Hole Symposium, Federal Reserve Bank of Kansas City Flodén, Martin (2015), contribution at the monetary policy meeting in February 2015, in Sveriges Riksbank (2015), Minutes of the monetary policy meeting, February 2015 Flodén, Martin (2016), “The Riksbank’s bond purchases affect government finances”, speech, 9 November, Sveriges Riksbank Goodfriend, Marvin (2011), “Central banking in the credit turmoil: an assessment of Federal Reserve practice”, Journal of Monetary Economics 58, 1-12. Greenwood, Robin, Samuel Hanson and Jeremy Stein (2016), “The Federal Reserves balance sheet as a financial-stability tool”, Jackson Hole Symposium, Federal Reserve Bank of Kansas City Holston, Kathryn, Thomas Laubach and John Williams (2017), “Measuring the Natural Rate of Interest: International trends and determinants”, Journal of International Economics, 108, pp 59-75 af Jochnick, Kerstin (2015), “Does the Riksbank have to make a profit?”, speech, 23 January, Sveriges Riksbank Krishnamurthy, Arvind (2018), “The size of the Fed’s balance sheet”, in M. Bordo, J. Cochrane, and A. Seru: The Structural Foundations of Monetary Policy, Hoover Institution Nessén, Marianne, Sellin, Peter and Åsberg Sommar, Per, (2011), “The framework for the implementation of monetary policy, the Riksbank’s balance sheet and the financial crisis”, , Economic Commentary No. 1, Sveriges Riksbank.
Therefore, legislative action in targeted areas is warranted. While bold action towards the completion of the single rulebook for capital markets will be beneficial, a gradual approach to harmonization could be envisaged in those areas where political sensitivities prevent action at EU level in the short term. 4. Sufficient attention should be devoted to safeguarding financial stability, such as in the area of shadow banking. 5. A single rulebook for EU capital markets needs to be complemented with strengthened supervisory convergence, delivering a common implementation and enforcement of rules. 6. Further reducing still existing fragmentation in financial market infrastructures should be at the core of CMU. It needs to be recognized that banks will continue to play an important role for the financing of the real economy and in providing access to capital markets. BIS central bankers’ speeches  1