How can the Joint Member Staffs and private stakeholders best collaborate to ensure stability in the Treasury market as the market structure evolves and new technologies are applied? How should practices and culture evolve accordingly? Will new technology and automation in the marketplace introduce unexpected challenges or risks to Treasury market participants? Are there opportunities to improve market transparency in a way that sheds light on risk issues that emerge as the market continues to evolve? Are the regulatory requirements imposed upon the Treasury market appropriate in the current environment? Has a competitive level playing field 2/3  BIS central bankers' speeches  been maintained given the evolving structure? And, are there any changes that could improve the functioning, efficiency and/or integrity of the Treasury market? As I highlighted before, answering such questions well could require greater transparency. It is important for officials and market participants to fully understand the range of market elements. These include the relative size of transaction volumes by various players, the breadth and resiliency of platforms used to facilitate risk transfer, and the robustness of market infrastructure under contingent circumstances. More broadly, interagency efforts and collaboration with the public to shed light on the evolving structure and its risks are critical to protecting Treasury market function and supporting investor confidence. Because we benefit from the Treasury market being the deepest and most liquid market for government securities, complacency should not be an option.
of rooms  2.5  2.0  1.5  1.0  0.5  0.0 BE IE LU UK MT DK ES FR CY FI DE SE NL AT EE PT CZ LT SI IT BG EL LV HU SK HR PL RO  Source: Eurostat  6  Figure 6. Population living in poor conditions percent 30  25  Total population having neither a bath, nor a shower, nor indoor flushing toilet in their household - 2015  20  15  10  5  0 RO LV BG LT EE HU PL HR PT CY SK DK EL UK FR AT SI FI BE CZ ES IE IT LU MT NL  Source: Eurostat  Figure 7. People at risk of poverty or social exclusion, % total population percent  Bulgaria  70  Czech Republic Hungary  60 50 40 30 20 10 0 2007  2008  2009  2010  2011  2012  2013  2014  2015  2016  Source: Eurostat  7  Figure 8.