A milestone agreement was recently reached among Central Bank Governors and Heads of Supervision to adopt a minimum requirement for the ratio between high quality liquid assets and net liquidity outflows that banks would face over a one-month horizon in stress conditions (Liquidity Coverage Ratio – LCR).
In the Monetary Policy Report Update published in January, we pegged average annual growth for 2002 at just over 1 per cent. When we published our full Report in April, we raised that forecast to between 2 1/4 and 3 1/4 per cent.