Turning to the current account side of the balance of payments, the notable development has been the shift in the trade balance from deficit to surplus as the much-commented-on rise in  11  Debelle G (2011), “Collateral, Funding and Liquidity”, Address to Conference on Systemic Risk, Basel III, Financial Stability and Regulation, Sydney, 28 June.
As I have argued, rigorous implementation monitoring by international bodies is indispensable for ensuring global level playing fields in financial market regulation and achieving the goal to counteract financial stability risks. I am looking forward to the ensuing panel discussion. Thank you for your attention! BIS central bankers’ speeches  3