BIS central bankers’ speeches  9  Chart 5 1,2  Risks and Tier I Capital  Chart 6  Effects of a Rise in Interest Rates on Tier I Capital Ratio1,2,3  10  BIS central bankers’ speeches  Chart 7  Net Interest Margin  BIS central bankers’ speeches  11
Specifically, US housing prices would not have expanded at the same pace as they did and the pattern of current accounts would have been better balanced. Overall, the results of such a counterfactual scenario highlight the complementarity of policy actions in deficit and in surplus countries with respect to the correction of both internal and global imbalances.