Turmoil in the Basel tower

Sometimes conferences are full of surprises and end up taking completely different turns from those planned and expected. This year's Annual General Meeting of the Bank for International Settlements (BIS), the 78th such meeting, was a case in point. With the global financial system still struggling with the fall-out from the subprime crisis, the global economy weakening and inflation raising its ugly head, central bank governors arrived from all over the globe bearing a heavy load of worries.