Hannoun: Internationalisation of financial service

In the speech 'Internationalisation of financial services: implications and challenges for central banks' given on 4 March (published 13 March) Herve Hannoun of the BIS said there is a dual challenge for central banks in the context of financial globalisation.

This challenge, Hannoun said, is not only to build the appropriate buffers to weather turbulences but more importantly to act as a "discipline multiplier" (ie to "leverage" the benefits of market discipline to support those of policy

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