As always, the positive picture in the United States was not without potential risks, and the Chairman noted them in his midyear report to the Congress: Rising prices of energy and other commodities had put upward pressure on costs. Labor costs had also picked up.
In terms of debt management, this implies a limit on the size of the debt, in particular short-term debt and debt that is falling due for repayment. The BIS, in its latest Annual Report, recognises the importance of countries preparing themselves for the possibility of sudden outflows, and identifies ways in which reserves can be built up.