This confluence of factors, together with negative current account and price developments in countries like Argentina and Turkey, resulted in downward pressure on emerging market currencies and fixed-income assets. This move was compounded by the appreciation of the US dollar, as investors anticipated a further normalisation of US monetary policy and a widening of interest rate differentials with other major economies.
Thus far, work has been progressing on the policy aspects, best practices and legal considerations. The Bank Failure Simulation Workshop which begins today will give further impetus to this endeavour. Bank failure. A phenomenon, that as authorities, we would prefer not to have to face.