13  Chen Q., Filardo A., He D., Zhu F. (2012), “International spillovers of central bank balance sheet policies”, BIS Papers No.66, October 2012. 14  Jeanne O. (2009), “The Global Liquidity Trap”, mimeo, October 2009. 15  Haberis A., Lipinska A. (2012), “International Policy Spillovers at the Zero Lower Bound”, Federal Reserve Board Finance and Economics Discussion Series, 2012–23, April 2012.
As a regulator, I would like to draw your attention to the following observations: •  When a bank has parcelled out the risk to its clients, the risk has gone out the front door but only to come in the back because of the bank’s trading and financial relationships with these same counterparties.