All institutions see the balance of risks lying on the downside, with the main risks being: •  Monetary policy in the three largest central banks is on a divergent path with the Federal Reserve having begun to raise the Fed Funds rate, while further monetary easing is possible in the euro-area and Japan.
We need to act on it by increasing competitiveness and  BIS central bankers’ speeches  3  service quality in order to create fair competitiveness climate by prioritizing national interests. Distinguished ladies and gentlemen, “Objectives of FSPI Establishment” 24. The different challenges I mention above require our preparedness. However, we realize that to respond to such challenges, a strong collaboration is needed. 25.