Questions of public policy customers include:
Questions of financial sector customers (banks, insurers and fintechs):
Food for thought on regulation:
We are coming from a world of credit bubbles, extensive leverage and too much maturity transformation. Hence, any regulatory reform is expected to have an effect in this respect. In addition, leaning against the creation of credit bubbles should also help to avoid unsustainably high real investments. Developing an efficient regulatory framework is therefore crucial to support both, growth and stability. However, we have to make sure that regulation does not distort incentives or creates artificial hurdles for the provision of funding for urgently needed real investments.
The evaluation of the effects of the financial regulatory reforms is not an easy task, especially since the funding behaviour is currently affected by many transitory effects like high economic and political risks as well as difficult adaption processes of the financial sector. Nevertheless, given the lack of sufficient long-term investments in combination with fiscal constrains in many economies, there is an urgent need to enhance our understanding of the reasons behind the emerging funding gap.