*  *  *  Thank you for giving me the opportunity to discuss the bank capital reform process that continues to be developed under the auspices of the Bank for International Settlements in Basel.
BIS central bankers’ speeches  3  stress, flexible exchange rates and independent monetary policy allow us to idiosyncratically respond to shocks in line with domestic economic conditions, which is crucial in calming markets. Not monetary policy alone Ladies and gentlemen, we have monetary policy space to keep prices stable. But price and financial stability are but one component of a vibrant economy.