http://www.bis.org/list/mgtspeeches/from_01012009/index.rss Speeches by senior management of the Bank for International Settlements. 2009 to 2010 en http://www.bis.org/speeches/sp101201.htm Remarks by Mr Stephen G Cecchetti, Economic Adviser and Head of Monetary and Economic Department of the BIS, prepared for the Oesterreichische Nationalbank Conference on European Economic Integration, Vienna, 15 November 2010. Monetary policy and financial stability: what's ahead for central and eastern Europe 2010-12-03T11:12:00Z Monetary policy in central and eastern Europe stands at a transition point. Existing monetary policy frameworks served countries in the region well during the crisis, and do not seem to require significant modification to incorporate required financial stability objectives. And, since central banks in this region in fact have considerable experience with the use of macroprudential tools, incorporating them into a new inflation targeting framework should be more or less straightforward. At the same time, central banks need to be prepared to confront the challenges created by capital inflows, asset price inflation and catching-up issues. In doing so, it will be essential to retain focus on traditional monetary policy and financial stability objectives, resisting spillovers from policies pursued by other EMEs. Maintaining exchange rate flexibility - or, in countries with fixed exchange rates, labour market flexibility - will be of key importance. Furthermore, CEE countries need to be encouraged to maintain free capital flows and to continue to pursue domestic financial liberalisation. Monetary policy and financial stability: what's ahead for central and eastern Europe 2010-12-03T11:12:00Z BIS Cecchetti PDF version http://www.bis.org/speeches/sp101201.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements http://www.bis.org/speeches/sp101125.htm The efforts to enhance the quality of banking regulation and supervision in Latin America and the Caribbean contributed substantially to their resiliency during the recent financial crisis. The Basel III regulatory response to this crisis - Why Basel III matters for Latin American and Caribbean financial markets 2010-11-25T14:21:00Z The efforts to enhance the quality of banking regulation and supervision in Latin America and the Caribbean contributed substantially to their resiliency during the recent financial crisis. The Basel III regulatory response to this crisis provides a good opportunity to further improve the regional banking sector's ability to absorb shocks due to the new rules' focus on improving risk management, disclosure and supervisory approaches; strengthening the quality and level of capital and liquidity practices; adopting an effective macroprudential overlay; and reducing opportunities for regulatory arbitrage. However, the success of Basel III in improving financial stability requires the active engagement of national supervisors in implementing and enforcing the new regulatory standards. This implementation and oversight process will require a clear and well structured Basel III strategy; a reinforced on- and offsite supervisory framework; strengthened domestic arrangements for financial stability; and a renewed commitment to regional and international cooperation among financial sector authorities. Why Basel III matters for Latin American and Caribbean financial markets 2010-11-25T14:21:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp101125.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp101125a.htm Ten days ago, the Basel III framework was endorsed by the G20 leaders in South Korea. Basel III is the centrepiece of the financial reform programme coordinated by the Financial Stability Board.2 This endorsement represents a critical step in the - The Basel III Capital Framework: a decisive breakthrough 2010-11-25T14:00:00Z The Basel III Capital Framework: a decisive breakthrough 2010-11-25T14:00:00Z BIS Hannoun Herve Hannoun Hervé Hannoun PDF version http://www.bis.org/speeches/sp101125a.pdf Hervé Hannoun Hannoun Mr Deputy General Manager Bank for International Settlements http://www.bis.org/speeches/sp101109.htm As standard setters roll out a massive reform package, we must be careful to also focus on the quality of the implementation of these reforms. This will ensure more effective supervision and hopefully prevent firms from taking on excessive … Re-establishing the resilience of the financial sector: aspects of risk management and supervision 2010-11-09T13:16:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. Re-establishing the resilience of the financial sector: aspects of risk management and supervision 2010-11-09T13:16:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp101109.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp101019.htm Basel III provides a solid foundation for a macroprudential framework. Could the new standards have made a difference in the course of the recent financial crisis? A counterfactual empirical analysis suggests that this would indeed have been the - Macroprudential policy: could it have been different this time? 2010-10-19T15:32:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. Macroprudential policy: could it have been different this time? 2010-10-19T15:32:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp101019.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp101011.htm First, as apparent from the recommendations made, the report provides strong support for ongoing initiatives in the area of regulatory reform. This applies, in particular, to the recently agreed Basel III standards for bank capital and liquidity… Remarks on "Enhancing financial stability and resilience: macroprudential policy, tools and systems for the future" 2010-10-11T16:02:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. Remarks on "Enhancing financial stability and resilience: macroprudential policy, tools and systems for the future" 2010-10-11T16:02:00Z BIS Caruana Jaime Caruana Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp101004.htm Examination of the various proposals for strengthening regulatory standards for banks has focused, with good reason, on weighing their benefits and costs. The short-term costs of the new Basel III capital standards are likely to be small - Financial reform: a progress report 2010-10-04T12:00:00Z Financial reform: a progress report 2010-10-04T12:00:00Z BIS Cecchetti PDF version http://www.bis.org/speeches/sp101004.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements http://www.bis.org/speeches/sp100928.htm Macroprudential policy has moved into the mainstream of policymaking with the recent agreement on Basel III. Fresh work in support of this agreement has advanced our analytic capacity in assessing the effects of altered capital - The challenge of taking macroprudential decisions: who will press which button(s)? 2010-09-28T07:27:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. The challenge of taking macroprudential decisions: who will press which button(s)? 2010-09-28T07:27:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp100928.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp100921.htm Basel III represents a fundamental strengthening - in some cases, a radical overhaul - of global capital standards. Together with the introduction of global liquidity standards, the new capital standards deliver on the core of the global financial ... Basel III: towards a safer financial system 2010-09-21T08:36:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. Basel III: towards a safer financial system 2010-09-21T08:36:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp100921.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp100903.htm The best way to prevent instability from spilling from one country to another is by preventing instability in the first place, which in turn calls for strong regulatory standards. Financial regulation is necessary because, left to their own devices - Strengthening the financial system: comparing costs and benefits 2010-09-03T06:00:00Z Strengthening the financial system: comparing costs and benefits 2010-09-03T06:00:00Z BIS Cecchetti PDF version http://www.bis.org/speeches/sp100903.pdf Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements http://www.bis.org/speeches/sp100628b.htm This year's BIS Annual Report focuses on the legacy of the financial crisis. The exceptional measures taken worldwide over the past two years succeeded in preventing a financial system meltdown and in bringing to an end the great contraction in … General Manager's statement 2010-06-28T10:15:00Z General Manager's statement 2010-06-28T10:15:00Z BIS Caruana Jaime Caruana Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp100628a.htm Speech delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the Bank's Annual General Meeting, Basel, 28 June 2010. General Manager's speech: Three policy challenges for the world economy 2010-06-28T10:00:00Z General Manager's speech: Three policy challenges for the world economy 2010-06-28T10:00:00Z BIS Caruana Jaime Caruana Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp100622.htm Speech by Mr Hervé Hannoun, Deputy General Manager of the BIS, at the 150th Anniversary of the Central Bank of the Russian Federation, Moscow, 18 June 2010. The expanding role of central banks since the crisis: what are the limits? 2010-06-22T15:21:00Z The expanding role of central banks since the crisis: what are the limits? 2010-06-22T15:21:00Z BIS Hannoun Herve Hannoun Hervé Hannoun PDF version http://www.bis.org/speeches/sp100622.pdf Hervé Hannoun Hannoun Mr Acting General Manager Bank for International Settlements http://www.bis.org/speeches/sp100618a.htm Keynote speech by Mr Jaime Caruana, General Manager of the BIS, at the Second Financial Stability Conference of the International Journal of Central Banking, Bank of Spain, Madrid, 17 June 2010. Macroprudential policy: what we have learned and where we are going 2010-06-18T15:49:00Z The financial crisis has led some to suggest that the decades-long process of financial integration could and possibly should reverse. However, we tend to underestimate the enormous benefits of financial integration, benefits which can be diffuse and hard to identify, but which are substantial nonetheless. What is needed is a new framework for global financial stability, one that addresses the challenges of system-wide risks head-on. Such a framework needs to be global in the sense of being both worldwide and comprehensive, with contributions from monetary, fiscal, and macro- and microprudential policies. Regulatory reform is under way, but this is just one of a number of building blocks. We also need adequate tools for systemic risk monitoring, and this means that we need better and more timely data. Uncertainty about the scale of losses on banks’ assets was the proximate cause of the crisis, but it was the dislocations in banks’ funding markets that turned the subprime crisis into a global financial crisis. Regardless of the methods used to manage systemic risks, a first step must thus be to monitor these funding pressures. Macroprudential policy: what we have learned and where we are going 2010-06-18T15:49:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp100618a.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp100616.htm Remarks by Mr Stephen G Cecchetti, Economic Adviser and Head of Monetary and Economic Department of the BIS, prepared for the conference "The Squam Lake Report: Fixing the Financial System", New York, 16 June 2010. Making OTC derivatives less OTC 2010-06-16T06:37:00Z Making OTC derivatives less OTC 2010-06-16T06:37:00Z BIS Cecchetti Stephen G Cecchetti Cecchetti Mr Economic Adviser, Head of Monetary and Economic Department Bank for International Settlements