BIS Review 20/2006  3  involvement of the board of directors, especially since it is widely accepted that the board is ultimately responsible for the operations and soundness of a bank 8 . Without disclaiming the ultimate responsibilities of the board of directors, the responsibility for the effective management of the bank’s compliance risk resides with the bank’s senior management.
Further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance, and to return inflation to target over the medium term. BIS Review 9/2008  1