Last year we emphasised the importance of communication between central banks and market participants, highlighting that it was essential for the smooth functioning of markets and in the interest of financial stability. The events of the past twelve months are a good example of the importance of communication.
In May 2008, the time of our last gathering, it would have been difficult to imagine that a top US investment institution such as Lehman Brothers would collapse. On 15 September 2008, the unthinkable happened and Lehman Brothers filed for bankruptcy protection. This began a whole chain of events with which all in the financial world have had to deal.