Moving policy from highly accommodative to merely accommodative would be a step in the right direction. In this way, we can achieve a better long-run outcome than if we delay normalization. 4  BIS central bankers’ speeches  BIS central bankers’ speeches  5
The recent global economic crisis has vividly demonstrated the importance of multilateral solutions to economic problems which have a global dimension. Small economies will find it very difficult to make their voice heard and ensure that their interests are taken into account when decisions which affect the global economy are made, unless they are prepared to join together and present a common front.