BIS Review 43/2002  1  Regarding fiscal policies in the euro area, we have seen some worrying developments in the past few months. Against this background we call upon all member countries to honour the commitments made to achieve budgets that are close to balance or in surplus by 2003-04, in compliance with the framework of the Stability and Growth Pact.
The boundary-less cyberspace exposes the banks to internationally organized crimes and new age threats. Further, with banks increasingly working with third parties and in the process, sharing business information, management of third party risks is also becoming a challenging task’. Let me amplify with a few examples on what I have been saying so far.