He suggested that countries should manage their external assets and liabilities in such a way that they are always able to live without new foreign borrowing for up to one year. In other words, usable foreign exchange reserves should exceed the scheduled amortisation of foreign currency debts (assuming no rollovers) during the following year.
We will focus on three of them, namely the conduct of monetary policy  2  BIS Review 31/2004  under integrated capital markets, the current state and outlook for the economic integration of the EU and the Russian Federation and the development of our domestic banking sectors.