Issues for discussion for Special Session "Foreign exchange intervention: implications for stabilisation policy"

Closing conference of the BIS CCA Research Network Project on "The effects of foreign exchange market operations in Latin America", hosted by the Bank of the Republic (Colombia), Cartagena, 29-30 November 2012.

Chair: Stephen G Cecchetti

  • What role do you see for foreign exchange intervention and foreign exchange reserve accumulation in the pursuit of macroeconomic and financial stability objectives?
  • Is there a potential conflict between traditional monetary policy objectives and the goals of foreign exchange market operations/intervention?
  • How do you view the quasi-fiscal costs of foreign exchange intervention?
  • What are the challenges and risks of foreign exchange market operations/intervention for the conduct of monetary policy operations?

(Note: The time allocated for this session is 90 minutes. Lead off presentations for each of the three rounds of discussion will be 10 minutes each.)