2  BIS Review 57/2006  While the Paris Club confined its mandate solely to debt rescheduling up to 1988, it changed radically its modus operandi in the late 1980s, given the severe impact of debt crises on the poorest and most highly indebted countries.
It is therefore obvious that central banks are key when it comes to macro-prudential supervision. In the Bundesbank, we have decided – as have many other central banks – to establish a financial stability department in order to give this area of increased importance an organisational home. The new department commenced its work in the middle of this year.