BIS Review 105/2008  1  the relative importance of the various transmission channels of monetary policy impulses. 3 This is indeed one of the major challenges posed by globalisation, to recall the theme of this seminar. The theme of the seminar is also the dilemmas arising from globalisation.
The President of the Federal Reserve Bank of Dallas, Richard Fisher, once remarked that "One cannot make monetary policy without being aware of the forces of globalization acting upon our economy". 4 Yet, we still know relatively little about how globalisation has affected our economies. This is partly because the current wave of globalisation is still fairly new.