4  BIS central bankers’ speeches  •  A second downside risk relates to a slowdown in the global economy and an increase in risk premia in international asset markets. Lower growth elsewhere would hurt exports and higher risk premia would worsen already tight financial conditions, with negative consequences for investment.
DFIs were given the option to transform into a bank. The operational guidelines for enabling a DFI to convert to a universal bank were issued in 2001. •  Is it necessary now to review our commitment to universal banking? Should we go in for differentiated licensing?