BIS Review 90/2006  1  Fourthly, there are wide-spread concerns about the gaps in international trade rules and regulations, the impasse in multilateral trade negotiations and consequently, a rising number of regional and bilateral trade arrangements which could rule out the use of the very policy measures that were instrumental in the development of today’s mature economies and late industrialisers.
Roughly three-quarters of banks’ issuance was offshore, mainly in US dollars and euros. Banks have slowed down their issuance of covered bonds now that their covered bond programs are maturing, having only been able to issue under them since late 2011 (Graph 5).