In absence of credit rating agencies, Pakistan is developing further role of private sector Credit Information Bureaus, and independent debt/financial advisories etc. The gaps in the rating agencies  6  BIS Review 26/2007  are of particular concerns for SBP, given its heavy reliance of Standardized approach under Basel II.
At the same time, it is crystal clear that the appropriate monetary policy for the euro area should continue to take into account that the energy shock remains a dominant driving force of inflation dynamics and the general economic outlook, including through the impact of the very significant terms of trade deterioration.