It also takes into account a host of domestic and external factors (including the effects of changes in indirect taxation, fluctuations in the exchange rate and international commodity prices). Moreover, financial market indicators and asset prices - which might provide important insights into the main channels of the transmission mechanism and reveal information about market expectations - are regularly and thoroughly monitored.
In this respect, I would like to focus more particularly on three questions. First, the transfer of credit risk, as epitomized by the «originate to distribute  BIS Review 108/2008  1  model ». The second is the unprecedented liquidity problems faced by banks. The third relates to the cooperation between central banks and supervisory authorities.