In my view, the run-up in the prices of crude oil, food, and other commodities we’ve seen over the past year can best be explained by the fundamentals of global supply and demand rather than by the stance of U.S. monetary policy.
BIS central bankers’ speeches  3  The Irish experience was not unique. Globally, cross-border bank credit (particularly interbank funding) grew rapidly between 2003 and 2007, reaching annual rates of 20 per cent by the eve of the crisis. This surge fed the buildup of large currency mismatches, particularly for European banks in U.S. dollars.