We will therefore remain committed to sustaining key financial and banking sector reforms that would lead to greater efficiency, risk management, stronger capital base, improved  BIS Review 2/2008  3  disclosure practices and transparency, and enhanced corporate governance standards in the banking system.
In 1994 the Fed changed its monetary policy from being very expansionary, and it raised rates unexpectedly and caused a temporary slowdown in global growth, because people were simply caught  BIS central bankers’ speeches  1  unawares. That should not happen now. The Fed has been telling everybody that it’s got to be ready for a change like this.