In both cases, our liaison  4  BIS Review 167/2010  provided us with valuable information that was not available elsewhere and had a significant role in shaping our forecasts. So that in a nutshell is how we go about forecasting. It is a combination of judgement, formal models and liaison.
The region, as whole, decided to put the adoption of Basel 2 on hold following criticisms of the approach in the wake of the eruption of the international financial crisis in  BIS central bankers’ speeches  1  mid-2007. Five years later, one might even perhaps question why the region is not focusing on Basel 3 at this time.