8  Since mid-2010, private sector investment has averaged 3,1 per cent – a full 6 percentage points lower than its 2001–2008 average. BIS central bankers’ speeches  3  although rising rates remains the baseline expectation. 9 Headline CPI inflation was once again negative in the US in September, although this was once again seen to be temporary.
BIS central bankers’ speeches  3  First and foremost, it would have to deal with a blatant inconsistency in the current framework which makes the system as it stands unworkable. While bail-outs and monetary financing are prohibited under the Maastricht treaty, sovereign debt is nonetheless treated as risk-free in the capital regime for banks.