The importance of international dialogue and ERM frameworks for central banks The increased connectedness of the world, within which we operate, has necessitated closer cooperation and coordination within the central bank community.
The need for this has once again been highlighted by the global financial crisis and the subsequent attempts to not only  2  BIS central bankers’ speeches  restart the global economy but also to undertake an ambitious global regulatory reform agenda in order to address and avoid the excesses and imbalances that led to it.