4  Empirical evidence (BIS, QR, March 2008) shows that the FX swaps were a key channel through which the financial turmoil spread from money markets to longer term cross-currency swap markets. 5  Vis-à-vis the currencies of 21 important trading partners of the euro area. 6  IMF, World Economic Outlook Report (October 2008), p. 54.
This issue is hotly debated now with the World Bank and the  BIS Review 91/2008  3  IMF, where, at least for the Fund, the next Managing Director will be appointed in a different manner than has been the case since its creation. •  How is accountability to be ensured?