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BIS Annual Report 2010/11

BIS Annual Report 2010/11

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Published by babstar999
BIS Annual Report 2010/11
26 June 2011
In its 81st Annual Report the BIS says that, although the global economy has been improving, it would be a mistake for policymakers to relax. Numerous legacies and lessons of the financial crisis still require attention. The Report analyses the challenges policymakers face in building a lasting foundation for sustainable growth and proposes ways to address them.
BIS Annual Report 2010/11
26 June 2011
In its 81st Annual Report the BIS says that, although the global economy has been improving, it would be a mistake for policymakers to relax. Numerous legacies and lessons of the financial crisis still require attention. The Report analyses the challenges policymakers face in building a lasting foundation for sustainable growth and proposes ways to address them.

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Categories:Business/Law, Finance
Published by: babstar999 on Jun 27, 2011
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09/18/2011

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Bank for international settlements
81st Annual Report
1 ap 2010–31 mch 2011
B, 26 Ju 2011
 
Copies of publications are available from:Bank for International SettlementsCommunicationsCH-4002 Basel, SwitzerlandE-mail: publications@bis.orgFax: +41 61 280 9100 and +41 61 280 8100©
Bank for International Settlements 2011. All rights reserved. Limited extracts may be reproduced or translated provided the source is stated.
ISSN 1021-2477 (print)ISSN 1682-7708 (online)ISBN 92-9131-174-X (print)ISBN 92-9197-174-X (online)Also published in French, German, Italian and Spanish.Available on the BIS website (www.bis.org).
 
iii
BIS 81st Annual Report
Contents
Letter of transmittal
............................................. ix
Overview of the economic chapters
........................... xi
I. Building a stable future
....................................... 1The year in retrospect ................................................. 2Recovery in advanced economies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Inflation pressures prompt revisions to monetary policy expectations .... 4Lingering fiscal policy concerns in the euro area ...................... 7Fiscal policy elsewhere ............................................ 8Banksbalance sheets improve but remain vulnerable ................. 8The year in prospect .................................................. 10Fiscal challenges ................................................. 10Private sector balance sheet challenges ............................. 11International imbalances .......................................... 12Monetary policy ................................................. 13Regulatory reform ................................................ 13Box: Central bank governance and financial stability ....................... 14Measuring and monitoring the threats .............................. 16Summing up ......................................................... 17
II. Building new foundations for sustainable growth
......... 18Imbalances, financial crises and growth .................................. 19Sectoral imbalances ................................................... 23Private sector debt reduction ........................................... 24Box: The effect of sectoral imbalances on growth: the case of manufacturing .. 25Public debt and fiscal consolidation ..................................... 27Conclusions ......................................................... 30
III. The risks of international imbalances: beyond currentaccounts
.......................................................... 33Current account balances: risks and responses ............................ 35Risks ........................................................... 36The policy impasse ............................................... 37Box III.A: Some evidence of adjustment .................................. 38Role for policy coordination ....................................... 39Gross financial flows and financial imbalances ............................ 41Risks ........................................................... 43Addressing financial risks ......................................... 45Box III.B: Global liquidity ............................................... 46Summing up ......................................................... 48

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