If emerging market and developing countries do not have opportunities to discuss these matters, with appropriate attention to all the technical details, amongst  BIS central bankers’ speeches  3  themselves, this is less likely to happen. Second, we all have a vested interest in derivative transactions that are transparent and as safe as possible.
Risks to price stability at the policy-relevant medium-term horizon remain clearly on the upside and have increased further over the past few months. These risks include notably the possibility of further increases in energy and food prices. There is also a very strong concern that price and wage-setting behaviour could add to inflationary pressures via broadly based second-round effects.