These new forms of credit markets are growing dramatically, whereby the structural trend has been boosted significantly by the global economic situation – strong economic growth coupled with low interest rates. The outstanding volume of credit default swaps, the backbone of most credit derivatives, doubled in both 2005 and 2006, according to BIS statistics.
A common rule is only as strong as the common institution that can enforce it. The discussions on the new Four Presidents’ Report will certainly provide a good opportunity to think further on these matters, and I am looking forward to your views in the upcoming Berès report on the economic governance framework. Thank you for your attention. BIS central bankers’ speeches  3