This makes them less  BIS central bankers’ speeches  3  vulnerable to the default of that borrower – and this is needed not just for private borrowers but for government borrowers as well. 4  Beyond the banks  Ladies and gentlemen, I have talked about banks and I have talked about states.
The progressive completion of global financial integration has created a set of sophisticated networks that link the fortunes of markets, asset classes and financial institutions around the world. We, in the Eurosystem, are very closely monitoring the ongoing significant market correction we have experienced since the middle of last year, taking into account all their possible consequences including on inflation.