These growing uncertainties have resulted in periodic changes in risk perceptions in the international financial markets, resulting in continued volatility of exchange rates and capital flows. The tragic events in Japan earlier in the year also underlined the fragility of the recovery in the advanced economies.
10  For a more detailed discussion, see Daniel K. Tarullo (2013), “Toward Building a More Effective Resolution Regime: Progress and Challenges,” speech delivered at “Planning for the Orderly Resolution of a Global Systemically Important Bank,” a conference sponsored by the Federal Reserve Board and the Federal Reserve Bank of Richmond, Washington, October 18. 4  BIS central bankers’ speeches