In my remarks I will touch on some of these general challenges for the global outlook, before discussing specific issues for the euro area. The global challenges The spillover effects of monetary normalisation in the US At the global level, perhaps the issue that has received the greatest focus in recent months has been the implications of prospective US monetary normalisation.
To help ensure that is the case, a number of reforms to benchmarks have been undertaken. But the process is still ongoing to make sure this part of the market gets to a better place than where it has been in the past. BIS central bankers’ speeches  7