In addition, the Hope Now Alliance is an industry-based effort of mortgage servicers, housing counselors, and investors committed to establishing industry guidelines to facilitate loan modifications. 2  BIS Review 134/2008  While housing may well have been the trigger for the onset of the broader financial turmoil, I have long believed it is not the fundamental cause.
I think that it is very likely that this is one of the reasons why our exchange rate came under strong pressure in the final quarter of 2014 and in January of this year. 3. Fiscal policy  Finally, I want to discuss the implications of oil price uncertainty for fiscal policy, which is crucial for macroeconomic stability.