6  BIS Review 63/2007  Figure 8: Real commodity prices: total and ex-dairy  Beef and lamb prices have come under pressure in recent months as drought conditions overseas have induced higher than normal rates of slaughter. Prices, particularly for lamb, have fallen as this “wall of meat” has hit world markets. But, of course, higher slaughter now means lower slaughter later.
Combined with a commitment to regularly, rigorously and transparently review policy measures, we will ensure the most effective tools are in operation, both in isolation and jointly, to mitigate systemic risk. ***  Conclusion Today, I have touched on a number of challenges that we have before us when considering the appropriate macroprudential policy framework for Europe.