Therefore, we suspend fraudulent market players, limit the risks that the public 10 / 11  BIS central bankers' speeches  take on themselves, and delve into specific situations related to public complaints. But it is not enough. We need instruments to prevent practices that may be formally legal but are designed to deceive the client, sell the wrong product, at the wrong price, with unspecified risks. We are preparing to establish a second vertical supervision framework for financial institutions – the so-called behavioural supervision. Our next steps will be: - introducing rules about selling financial products and services to various categories of consumers, in particular about providing the information about the product that is being sold; - reinforcing the role of self-regulating organisations that should develop basic standards about providing services and monitoring their implementation. We would be glad to see law passed regarding a financial ombudsman. Discussion thereof has already been very drawn out. We propose developing this new mechanism on a step-by-step basis: First, introduce OSAGO to the ombudsman’s remit, then microfinance products, then banks and other institutions. Certainly, it is impossible to create a system that effectively protects consumer rights without improving financial literacy, reducing the number of “unforced errors” that members of the public make when choosing financial services and vendors. Therefore, we will particularly focus on financial literacy. We have already launched a number of programmes, ranging from educating schoolchildren and students to creating a specialised website.

It is only now, ten years later, that they are taking steps to move away from these measures. What is everyone afraid of? That growth will remain rather low and unstable. Indeed, after a long period of crises and stagnation, the global economy is entering a new cycle. But what is the aftermath? First. A higher debt load than in 2007. In developed economies, the primary problem is government debt, whereas many countries with emerging markets struggle with corporate debt. Second. Developed economies are contending with exceedingly low inflation and even deflation. Moreover, there are bubbles in individual markets that threaten to grow owing, among other things, to the effects of long-term soft monetary policy. Fourth. Low growth rates in productivity and investment. This not only limits opportunities for development but also hampers growth due to increased debt burden. Fifth. Developed countries are seeing increased inequality in the face of stagnating middle-class incomes, a trend observed over the past 30–40 years and often labelled the result of globalisation. It is clear, however, that unequal access to the opportunities afforded by new technologies also played a role. In this regard, the digital revolution and the new wave of job automation, which changes the traditional profile of the labour market in a number of professions and sectors, bring about significant social risks. As a result, we are observing an upswing of populism in politics, which in itself generates new economic risks and harbours continued financial market volatility. Sixth. An important point for us.