http://www.bis.org/list/mgtspeeches/from_01012013/index.rss Speeches by senior management of the Bank for International Settlements. 2013 to 2014 en http://www.bis.org/speeches/sp141219.htm Speech by Mr Jaime Caruana, General Manager of the BIS, at the Tenth High-Level Meeting for the Middle East and North Africa region on "Global banking standards and regulatory and supervisory priorities" jointly organised by the Basel Committee on Banking Supervision, the BIS's Financial Stability Institute and the Arab Monetary Fund, Abu Dhabi, United Arab Emirates, 9 December 2014. Policymakers now have a unique opportunity to build a macroprudential perspective into the post-crisis framework for financial stability. But this also poses new challenges. Sound macroprudential policy requires a deeper knowledge of how effectively the various tools will work, and also how they might interact with ... Macroprudential policy: opportunities and challenges 2014-12-19T15:45:00Z Policymakers now have a unique opportunity to build a macroprudential perspective into the post-crisis framework for financial stability. But this also poses new challenges. Sound macroprudential policy requires a deeper knowledge of how effectively the various tools will work, and also how they might interact with ... Macroprudential policy: opportunities and challenges 2014-12-19T15:45:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp141219.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp141217.htm Presentation by Mr Hyun Song Shin, Economic Adviser and Head of Research of the BIS, at the Brookings Institution, Washington DC, 4 December 2014. Our understanding of crisis propagation is heavily influenced by the experience of the 2008 crisis. Watchwords are credit growth, leverage, maturity mismatch, complexity and "too big to fail". While these factors are still relevant, it does not follow that future bouts of financial disruption must follow the same mechanism as in the past. Yet accountability exercises tend to focus on ... Financial stability risks: old and new 2014-12-17T15:03:00Z Our understanding of crisis propagation is heavily influenced by the experience of the 2008 crisis. Watchwords are credit growth, leverage, maturity mismatch, complexity and "too big to fail". While these factors are still relevant, it does not follow that future bouts of financial disruption must follow the same mechanism as in the past. Yet accountability exercises tend to focus on ... Financial stability risks: old and new 2014-12-17T15:03:00Z BIS Shin Hyun Song Shin Hyun Song Shin Shin Mr Economic Adviser and Head of Research Bank for International Settlements http://www.bis.org/speeches/sp141216.htm Remarks by Mr Jaime Caruana, General Manager of the BIS, prepared for the IESE Business School conference on "Challenges for the future of banking: regulation, supervision and the structure of banking", London, 26 November 2014. The benefits of higher bank capital - absorbing losses, resolving incentive problems and internalising externalities related to systemic risk - are widely understood. There are of course also some costs such as higher funding costs and lower lending, especially ... How much capital is enough? 2014-12-16T16:00:00Z The benefits of higher bank capital - absorbing losses, resolving incentive problems and internalising externalities related to systemic risk - are widely understood. There are of course also some costs such as higher funding costs and lower lending, especially during the transition to stronger capital requirements. But various analyses suggest that these costs are not as high as feared ... How much capital is enough? 2014-12-16T16:00:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp141216.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp141120.htm Speech by Mr Hervé Hannoun, Deputy General Manager of the Bank for International Settlements, prepared for the 50th SEACEN Governors' Conference, Port Moresby, Papua New Guinea, 20 November 2014. In my address, I will focus on what is a central global economic policy issue: debt has reached record levels in many countries and, seven years since the start of the global financial crisis, it is still ... Central banks and the global debt overhang 2014-11-20T17:00:00Z In my address, I will focus on what is a central global economic policy issue: debt has reached record levels in many countries and, seven years since the start of the global financial crisis, it is still rising. There is no hard and fast rule to tell exactly when debt is excessive, but I believe there are signs that debt is already well past safe levels in many advanced economies. Financial market participants remain largely complacent about this risk. But they are apt to change their minds abruptly. Central banks and the global debt overhang 2014-11-20T17:00:00Z BIS Hannoun Hervé Hannoun PDF version http://www.bis.org/speeches/sp141120.pdf Hervé Hannoun Hannoun Mr Deputy General Manager Bank for International Settlements http://www.bis.org/speeches/sp141114.htm Luncheon speech by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the International Finance Forum 2014 Annual Global Conference, Beijing, 1 November 2014. Debt as a share of GDP has risen by 20 percentage points globally since the global financial crisis, driven primarily by the expansion of public sector debt in the advanced economies and the rapid rise in private sector debt in the emerging market economies. Debt trouble comes in threes 2014-11-14T10:48:00Z Debt as a share of GDP has risen by 20 percentage points globally since the global financial crisis, driven primarily by the expansion of public sector debt in the advanced economies and the rapid rise in private sector debt in the emerging market economies. Debt trouble comes in threes 2014-11-14T10:48:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp141114.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp141107.htm Panel remarks by Mr Hervé Hannoun, Deputy General Manager of the BIS, at the International Symposium of the Banque de France "Central banking: the way forward?", Paris, 7 November 2014. My first remark relates to financial cycles, national and global. This year's BIS Annual Report refers to the financial cycle as the self-reinforcing interactions between ... The global financial cycle and how to tame it 2014-11-07T16:00:00Z My first remark relates to financial cycles, national and global. This year's BIS Annual Report refers to the financial cycle as the self-reinforcing interactions between perceptions of risk, risk-taking and financing constraints. These interactions lead to booms and busts that span ordinary business cycles. Emphasising the frequent synchronisation of national financial cycles, the Annual Report measured them at ... The global financial cycle and how to tame it 2014-11-07T16:00:00Z BIS Hannoun Hervé Hannoun PDF version http://www.bis.org/speeches/sp141107.pdf Hervé Hannoun Hannoun Mr Deputy General Manager Bank for International Settlements http://www.bis.org/speeches/sp141031.htm Welcoming remarks delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the 2nd Conference on Standard-Setting Bodies and Financial Inclusion - "Standard-setting in the changing landscape of digital financial inclusion", Basel, Switzerland, 30 October 2014. The theme of this event reflects growing recognition of the power and importance of bringing formal financial services to the estimated 2.5 billion adults who have limited or no access to them - and the vital role digital technology plays in making this possible. ... Welcoming remarks at the 2nd Conference on Standard-Setting Bodies and Financial Inclusion 2014-10-31T12:00:00Z Welcoming remarks delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the 2nd Conference on Standard-Setting Bodies and Financial Inclusion - "Standard-setting in the changing landscape of digital financial inclusion", Basel, Switzerland, 30 October 2014. The theme of this event reflects growing recognition of the power and importance of bringing formal financial services to the estimated 2.5 billion adults who have limited or no access to them - and the vital role digital technology plays in making this possible. ... Welcoming remarks at the 2nd Conference on Standard-Setting Bodies and Financial Inclusion 2014-10-31T12:00:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp141031.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp140912.htm Opening remarks by Mr Hervé Hannoun, Deputy General Manager of the BIS, at the Seventh Irving Fisher Committee Conference on Central Bank Statistics, Basel, 4 September 2014. The focus of today's conference is particularly apt: "Indicators to support Monetary and Financial Stability Analysis: Data Sources and Statistical Methodologies". In the wake of the global financial crisis, it is indeed the right time to revisit the data sets we need for financial and monetary stability purposes. Opening remarks - Seventh Irving Fisher Committee Conference on Central Bank Statistics 2014-09-12T17:44:00Z The focus of today's conference is particularly apt: "Indicators to support Monetary and Financial Stability Analysis: Data Sources and Statistical Methodologies". In the wake of the global financial crisis, it is indeed the right time to revisit the data sets we need for financial and monetary stability purposes. Opening remarks - Seventh Irving Fisher Committee Conference on Central Bank Statistics 2014-09-12T17:44:00Z BIS Hannoun Hervé Hannoun PDF version http://www.bis.org/speeches/sp140912.pdf Hervé Hannoun Hannoun Mr Deputy General Manager Bank for International Settlements http://www.bis.org/speeches/sp140813.htm Contribution by Mr Claudio Borio, Head of the Monetary and Economic Department of the Bank for International Settlements, to the 25th anniversary edition of Central Banking Journal, 5 August 2014. Macroprudential frameworks are a welcome response to the Great Financial Crisis. As long argued by the BIS, a stronger systemic orientation is essential if financial stability is to be assured. But macroprudential measures are still very much work in progress. Much scope remains for improving the range of tools available, refining the balance between rules and discretion, and strengthening governance arrangements, both nationally and internationally. Moreover, the experience so far indicates that it would be imprudent to rely solely on macroprudential frameworks when seeking to tame financial booms and busts, with their enormous economic costs. Financial cycles are simply too powerful. Other policies, not least monetary and fiscal, should also play a role. Macroprudential frameworks must be part of the answer, but they cannot be the whole answer. Macroprudential frameworks: (too) great expectations? 2014-08-13T07:48:00Z Macroprudential frameworks are a welcome response to the Great Financial Crisis. As long argued by the BIS, a stronger systemic orientation is essential if financial stability is to be assured. But macroprudential measures are still very much work in progress. Much scope remains for improving the range of tools available, refining the balance between rules and discretion, and strengthening governance arrangements, both nationally and internationally. Moreover, the experience so far indicates that it would be imprudent to rely solely on macroprudential frameworks when seeking to tame financial booms and busts, with their enormous economic costs. Financial cycles are simply too powerful. Other policies, not least monetary and fiscal, should also play a role. Macroprudential frameworks must be part of the answer, but they cannot be the whole answer. Macroprudential frameworks: (too) great expectations? 2014-08-13T07:48:00Z BIS PDF version http://www.bis.org/speeches/sp140813.pdf Claudio Borio Borio Mr Head of the Monetary and Economic Department Bank for International Settlements http://www.bis.org/speeches/sp140629.htm Speech delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the Bank's Annual General Meeting, Basel, 24 June 2014. This year's Annual Report offers our views on current challenges and aims to examine policies that might help us step out of the long shadow of the crisis. Our approach is to seek a long-term perspective with a view to shedding light on both the build-up of financial imbalances pre-crisis and their lasting consequences... General Manager's speech: Stepping out of the shadow of the crisis: three transitions for the world economy 2014-06-29T10:30:00Z This year's Annual Report offers our views on current challenges and aims to examine policies that might help us step out of the long shadow of the crisis. Our approach is to seek a long-term perspective with a view to shedding light on both the build-up of financial imbalances pre-crisis and their lasting consequences. General Manager's speech: Stepping out of the shadow of the crisis: three transitions for the world economy 2014-06-29T10:30:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp140629.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp140606.htm Speech by Mr Jaime Caruana, General Manager of the Bank for International Settlements, on the occasion of the 135th Anniversary Conference of the Bulgarian National Bank, Sofia, 6 June 2014. Central banks are being redesigned to better deal with their financial stability responsibilities - in just five years, over 60 central banks' laws have been changed. Since much of the responsibility ... Redesigning the central bank for financial stability responsibilities 2014-06-06T08:55:00Z Central banks are being redesigned to better deal with their financial stability responsibilities - in just five years, over 60 central banks' laws have been changed. Since much of the responsibility for financial stability policy is shared, integrating financial stability considerations into monetary policy, and vice versa, presents tough institutional challenges. Independence of action against the build-up of financial imbalances is important. It is crucial to avoid a bias towards inaction. Redesigning the central bank for financial stability responsibilities 2014-06-06T08:55:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp140606.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp140604.htm Speech by Mr Jaime Caruana, General Manager of the Bank for International Settlements, prepared for Promontory Annual Lecture, London, 4 June 2014. A lot has been achieved since the financial crisis in the area of banking regulation and supervision. Further important initiatives are under way, and the focus has rightly shifted to implementation. But in a highly dynamic world, imperfect knowledge leaves regulatory design permanently in catch-up mode. As the system evolves and new kinds of risks emerge, especially outside the banking system, we need to employ a multidisciplinary, proactive approach, involving a combination of thicker buffers, suitable incentives and more intrusive supervision. Such an approach can help us in addressing new risks, such as in shadow banking and capital markets. Financial regulation, complexity and innovation 2014-06-04T09:00:00Z A lot has been achieved since the financial crisis in the area of banking regulation and supervision. Further important initiatives are under way, and the focus has rightly shifted to implementation. But in a highly dynamic world, imperfect knowledge leaves regulatory design permanently in catch-up mode. As the system evolves and new kinds of risks emerge, especially outside the banking system, we need to employ a multidisciplinary, proactive approach, involving a combination of thicker buffers, suitable incentives and more intrusive supervision. Such an approach can help us in addressing new risks, such as in shadow banking and capital markets. Financial regulation, complexity and innovation 2014-06-04T09:00:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp140604.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp140409.htm Speech by Mr Jaime Caruana, General Manager of the Bank for International Settlements, prepared for a lecture at the Harvard Kennedy School in Cambridge, Massachusetts, 9 April 2014. This speech contrasts two explanatory views of the sluggish and uneven recovery from the global financial crisis of 2008-09. One view points to a persistent shortfall of demand and the other to the specificities of a financial cycle-induced recession - the "shortfall of demand" vs the "balance sheet" view. The speech summarises ... Global economic and financial challenges: a tale of two views 2014-04-09T21:30:00Z This speech contrasts two explanatory views of the sluggish and uneven recovery from the global financial crisis of 2008-09. One view points to a persistent shortfall of demand and the other to the specificities of a financial cycle-induced recession - the "shortfall of demand" vs the "balance sheet" view. The speech summarises each diagnosis in seven stylised propositions covering: the origin of the recession, the implications of deleveraging, the causes of weak credit growth, the role of asymmetries in the international monetary system, the nature of hysteresis, the interpretation of negative equilibrium real interest rates, and the risk of deflation. It then reviews evidence bearing on the two views and contrasts the policy prescriptions to be inferred from each view. The speech concludes that the balance sheet view provides a better overarching explanation of events. In terms of policy, the implication is that there has been too much emphasis since the crisis on stimulating demand and not enough on balance sheet repair and structural reforms to boost productivity. Looking forward, policy frameworks need to ensure that policies are more symmetrical over the financial cycle, so as to avoid the risks of entrenching instability and eventually running out of policy ammunition. Global economic and financial challenges: a tale of two views 2014-04-09T21:30:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp140409.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements http://www.bis.org/speeches/sp140331.htm Speech by Mr Peter Zöllner, Head of the BIS Banking Department, to the 53rd ACI Financial Markets World Congress 2014, Berlin, 29 March 2014. The views expressed are those of the author and do not necessarily reflect the views of the BIS. A lot has been said about the underlying factors contributing to the market turmoil that culminated in the financial crisis: the escalation of delinquencies associated with subprime mortgages, the prevalence of weak mortgage underwriting practices, a significant erosion of market discipline by those involved in the securitisation process, flaws in the credit assessment processes of the major rating agencies, inappropriate incentive frameworks, and so on. Recent trends in the foreign exchange and money markets 2014-03-31T07:00:00Z A lot has been said about the underlying factors contributing to the market turmoil that culminated in the financial crisis: the escalation of delinquencies associated with subprime mortgages, the prevalence of weak mortgage underwriting practices, a significant erosion of market discipline by those involved in the securitisation process, flaws in the credit assessment processes of the major rating agencies, inappropriate incentive frameworks, and so on. Recent trends in the foreign exchange and money markets 2014-03-31T07:00:00Z BIS Robert D Sleeper Peter Zöllner Zöllner Mr Head of Banking Bank for International Settlements http://www.bis.org/speeches/sp140305.htm IMFS Distinguished Lecture by Mr Jaime Caruana, General Manager of the Bank for International Settlements, at the Goethe University, Frankfurt, Germany, 5 March 2014 These remarks apply the concepts of global liquidity and the financial cycle to analyse developments in the global financial system in the past decade or so and to understand the current configuration of risks and vulnerabilities. The focus is on how financial risk-taking, asset prices and credit expansion tend to move together across countries, even when ... Global liquidity: where it stands, and why it matters 2014-03-05T17:30:00Z These remarks apply the concepts of global liquidity and the financial cycle to analyse developments in the global financial system in the past decade or so and to understand the current configuration of risks and vulnerabilities. The focus is on how financial risk-taking, asset prices and credit expansion tend to move together across countries, even when these countries are at different stages of the macroeconomic business cycle. After the boom in the early 2000s and the bust in the crisis period 2007-09, the world is now in a new phase of global liquidity - with potential new risks. Although global liquidity conditions remain accommodative at the current juncture, more normal conditions will inevitably return at some point. Both policymakers and the private sector will need to be prepared for that adjustment. This means watching out for vulnerabilities that may have built up while conditions were accommodative. It also means taking action to build resilience in the financial system. Global liquidity: where it stands, and why it matters 2014-03-05T17:30:00Z BIS Caruana Jaime Caruana PDF version http://www.bis.org/speeches/sp140305.pdf Jaime Caruana Caruana Mr General Manager Bank for International Settlements