In conclusion, some recent positive news to cheer us up for Christmas. We hear that the inflation across most Eurozone countries including Malta hastaken a dip in November the first drop in seventeen months. Some say it might have peaked. Gas and oil prices are on the decline. Trasfigura, a respected authority on gas reserves, tells us that the gas crisis has abated not just for this winter but quite possibly the next. The much expected recession at the end of this year might not materialise after all. So ....... the ECB will no longer continue raising interest rates.? 4/5  BIS - Central bankers' speeches  Well ....not quite. Thank you all. 5/5  BIS - Central bankers' speeches
Such an integrated, risk-focused approach should aim to inform timely policy interventions and limit contagion. In this context, we welcome both the spillover reports and the Consolidated Multilateral Surveillance Report presented at this meeting as steps in the right direction to understand and act on the implications of increasing interconnectedness among members. In addition, the Fund needs to have a broader, more balanced surveillance mandate that better reflects the major areas of risks confronting the global economy, including risks in sovereign balance sheets and the financial system. We call on the Fund to adopt a new Integrated Surveillance Decision that replaces the 2007 Decision, which focused too narrowly on exchange rates. International monetary system We encourage the Fund to continue its work to strengthen the international monetary system. The experience of countries in our constituency attests to the complex policy challenges posed to emerging market economies by volatile capital flows. We expect the Fund’s work in this area to continue to be even-handed, non-prescriptive and to take into account country specificities. Further, we look forward to the extension of staff analysis of capital flows and associated policies to cover both source and recipient countries. We also support the Fund’s work on examining the case for broadening the SDR basket. This could contribute towards the diversification of reserve holdings, thereby strengthening the stability of the international monetary system over the longer term. Governance reform Governance underpins the legitimacy and traction of the Fund’s activities and advice.