The recent course of consumer prices in Spain has once more been greatly influenced by the behaviour of oil prices. These fell strongly in the closing months of 2018 and account for the decline in the year-on-year rate of change in the harmonised index of consumer prices (HICP) to 1.2% in December. Relative to expectations, moreover, the latest November and December figures were a surprise on the downside, largely – but not exclusively – due to the behaviour of energy prices (see Chart 6). Conversely, core inflation, which excludes the more volatile elements such as energy and fresh food, continues to stand at around 1%, but it is expected to begin to rise in 2019 as GDP growth rates remain above potential. The opposing trajectories of the energy and core components will determine how prices trend in the coming years. In terms of the overall indicator, prices will slow in 2019 (see Table 2). BANCO DE ESPAÑA  4	 TESTIMONY BY THE GOVERNOR OF THE BANCO DE ESPAÑA BEFORE PARLIAMENT IN RELATION TO THE DRAFT STATE AND SOCIAL SECURITY BUDGET FOR 2019  FORECASTS FOR THE SPANISH ECONOMY: CYCLICAL POSITION  CHART 3  SPANISH ECONOMY'S OUTPUT GAP % of potential GDP  6 4 2 0 -2 -4 -6 -8 -10 1995  2001  2007  2013  2019  SOURCE: Banco de ESpaña.
Bandid Nijathaworn: “Implementation of Basel II and IAS” from a regulator’s perspective Keynote address by Dr Bandid Nijathaworn, Deputy Governor of the Bank of Thailand, at a meeting hosted by the Thai Bankers’ Association and organized by the Bankers Association of the Philippines and ASEAN Bankers Association, Bangkok, 4 October 2007. *  *  *  Distinguished Participants, Let me first thank the Thai Bankers’ Association for the invitation to give today’s keynote address, on the “Implementation of Basel II and IAS” from a regulator’s perspective. Looking at the agenda, the meeting in the next two days will dwell into a number of important regulatory issues. Therefore, to help set the stage for the discussion to follow, I would like to take this opportunity to speak on the Bank of Thailand’s perspective on the implementation of Basel II and the International Financial Reporting Standards (IFRS), looking in particular at the benefits from such adoption, the progress we have made on implementing the two standards, and the challenge and adjustments that need to be made for a successful implementation. Ladies and Gentlemen, Recognizing that today’s global financial system has become increasingly complex and interdependent, a number of organizations around the world have been working on improving international standards to ensure sound risk management and disclosure by financial institutions. Among these, Basel II and IFRS are undoubtedly the most important recent efforts. As an international framework for capital adequacy, Basel II is designed to ensure soundness and stability of the global banking system.