2  Examples include the contribution of the private sector to: the development of revised ISDA protocols as part of efforts to tackle Too Big To Fail; improvements in disclosure under the aegis of the Enhanced Disclosure Taskforce; consultation over TLAC proposals; the establishment of the Banking Standards Council; and ongoing work to develop the appropriate near-risk free reference rate for sterling markets. BIS central bankers’ speeches  3  It is frustrating for us all that such major progress risks being overshadowed by misconduct problems. The fair and effective markets review We must break the back of these issues, and the Fair and Effective Markets Review shows the way forward. With its publication today, all the main building blocks are now in place for the real markets we need. I want to pay tribute to my colleagues Charles Roxburgh, Minouche Shafik and Martin Wheatley, who so ably led the Review. And to salute Elizabeth Corley, who so expertly chaired the Review’s independent Market Practitioner panel, canvassing and coalescing views from across the industry. The importance and complexity of their task is illustrated by the multiple root causes of the misconduct in FICC markets.
Thomas Jordan: Current challenges for the Swiss National Bank in the area of monetary policy Summary of a speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the Money Market Event of the Swiss National Bank, Zurich, 27 March 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  With its forecast that GDP will grow by 1.5%-2.0% and the average inflation rate will amount to 2%, the National Bank is cautiously optimistic for the Swiss economy in 2008. However, since the summer of 2007, the international environment has taken a clear turn for the worse: Financial markets are in a serious crisis, the major economies are weakening and inflation rates are rising worldwide. This means that the SNB’s monetary policy is facing challenges on several fronts simultaneously. With regard to economic growth, the SNB is called upon to assess the consequences of the international financial crisis for the Swiss economy as precisely as possible and to analyse their implications for monetary policy correctly and at an early stage. On the inflation front, it must ensure that the measures taken in connection with the financial market crisis do not jeopardise the credibility of a monetary policy geared to long-term price stability or shake established inflation expectations. Finally, the challenge in the money market is two-fold.