The financial turmoil  The episode of financial market turmoil that we have experienced since August 2007 provides a good illustration of how, in a globalised economy, an idiosyncratic shock can be propagated more rapidly and through a variety of new channels to seemingly distant countries and markets.
We also offered swaps between fixed and variable interest rate instruments to set a reference for the term structure of nominal interest rates for longer periods than are currently traded on the market.