The improvement in productivity reflecting technological innovation in IT-related industries has often been credited with this, particularly in discussion of the so-called “new economy.” In Europe, European Monetary Union was achieved since inflation rates in the countries joining the union declined to levels that satisfied the convergence criteria.
A bank  BIS Review 28/2005  1  would have to cover liquidity risk and interest rate risk in the banking book or even further types addition-ally to the well known risks covered under Pillar 1 (credit risk, market risk and operational risk), e.g. reputational and strategic risk. The remaining two features are “monitoring and reporting” and “internal control review”.