BIS Review 81/2005  1  Chart 1: Fan chart, current GDP projection based on market interest rate expectations  Source: Bank of England, November 2005 Inflation Report  Four significant issues In contributing to the forecast rounds and when voting I have considered the likely course and impact of a whole range of important developments and trends. Today I would like to make a few observations on four such areas, which for me have been particularly fascinating. For each I will comment on the key monetary policy issues that seem most relevant. The first is oil – a continuing interest for me having started my career in that industry - and clearly of immense significance today. The second is debt – and in particular the rise of household debt, perhaps because I have studied debt as a practitioner in my banking life, and have observed its impact on borrowers and lenders. The third is the labour market – in part because the subject encompasses broad issues affecting all of us such as globalisation and the entry into the modern world economy of Asian countries. And fourth, something both highly topical today and of fundamental relevance for all our futures, is the area of longevity and pensions. I shall keep my remarks to the key issues which each of these raise for me in relation to monetary policy. Consequently, I will try not to trespass on political or social issues, or on your lunch break.
Luis M Linde: Islamic finance – growing importance and regulatory challenge Welcoming remarks by Mr Luis M Linde, Governor of the Bank of Spain, at the European Forum on Islamic Finance, organized by the Islamic Financial Services Board (Madrid), Madrid, 24 May 2016. *  *  *  Mr. Jaseem Ahmed, Secretary-General of the Islamic Financial Services Board (IFSB); Mr. Guillermo de la Dehesa, Chairman of the International Advisory Board of IE Business School; colleagues, ladies and gentlemen: It is a pleasure for me to welcome you all to the European Forum on Islamic Finance. This is the fifth European Forum since 2005, after the previous fora in Luxembourg, Germany, France and Italy. Following the tradition established by other European central banks, we are glad to support this event, organised by the IFSB. I would also like to thank the IE Business School for their hospitality in hosting the Forum in Madrid today. The purpose of this European Forum is to gain a better grasp of the specifics of Islamic Finance and its development, which has been particularly noticeable in the last decade. In this respect, I would like to stress two relevant aspects of Islamic Finance in my opening remarks: FIRST, its growing importance in international finance; and SECOND, the ongoing regulatory efforts to facilitate its insertion in international markets.