265-305..  4  BIS Review 21/2008  The cyclical impact of globalisation on euro area prices and wages Here, I will discuss the impact of globalisation on manufacturing and commodity prices and ultimately consumer price inflation in the euro area, arguing that there is evidence of only a small overall net dampening effect in last 5-10 years, reflecting the balance of opposite relative price shocks.
And in the payments and settlement area, we have been active in managing our risk and encouraging others to manage theirs. In every step we take to deter or manage financial crises, it is important that we recognize that we impose costs, and that our efforts can be most effective if we both enhance and are supported by market discipline.