IMF (2014), “Legacies, Clouds, Uncertainties”, World Economic Outlook October 2014, available at: http://www.imf.org/external/pubs/ft/weo/2014/02/ King, M (2011), “Global imbalances: the perspective of the Bank of England”, Banque de France Financial Stability Review, available at: http://www.nber.org/papers/w19887.pdf Migration Advisory Committee (2012), “Analysis of the Impacts of Migration”, Migration Advisory Committee. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/257235/analysis-of-the-impacts.pdf McIntosh, S (2013), “Hollowing out and the future of the labour market”, BIS Research Paper Number 134, available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/250206/bis-13-1213-hollowing-out-and-future-of-the-labour-market.pdf Plunkett, J and Pessoa, J P (2013), “A Polarising Crisis? The changing shape of the UK and US labour markets from 2008 to 2012”, Resolution Foundation Briefing. BIS central bankers’ speeches  21  Sissons, P (2011), “The hourglass and the escalator: labour market change and mobility”, The Work Foundation. Available at: http://www.theworkfoundation.com/DownloadPublication/Report/292_hourglass_escalator120711%20(2)%20(3).pdf Summers, L (2014), “U.S. economic prospects: secular stagnation, hysteresis, and the zero lower bound”, Keynote address at the NABE Policy Conference, 24 February 2014, printed in Business Economics, Vol. 49, No.2, pp 65–73. Taylor, J (1993) “Discretion versus Policy Rules in Practice”, Carnegie-Rochester Conference Series on Public Policy, Vol. 39, pp. 195–214. Trade Union Congress (2014), “UK workers suffering the most severe squeeze in real earnings since Victorian times”, Labour Market and Economic report, available at http://www.tuc.org.uk/economic-issues/labour-market-and-economic-reports/economicanalysis/britain-needs-pay-rise/uk. VoxEU (2014), “Secular stagnation: facts, causes and cures”, VoxEU eBook available at: http://www.voxeu.org/sites/default/files/Vox_secular_stagnation.pdf Weale, M (2014), “Slack and the labour market”, speech at the Thames Valley Chamber of Commerce, 20 March 2014, available at http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech716.pdf. 22  BIS central bankers’ speeches

Our scope of responsibilities and stakeholder groups have also expanded in tandem. In order to ensure continuous integrity safeguards, the Bank has refreshed its framework and guidelines to include the procurement process, project management and whistle blowing to mitigate current and emerging project risks. Third parties which are engaged by the Bank must adhere to ethical practices as outlined in the vendor code of conduct, to be made publicly available soon. In closing, I would like to express my deep appreciation to Assistant Commissioner Tuan Mohan and his colleagues from MACC. We are very privileged to have had the opportunity to benefit 1/2  BIS central bankers' speeches  from their insight and experience and it will help us do our part in combating corruption. May this occasion foster an even closer cooperation between the Bank and MACC, and herald many more joint events to come. 2/2  BIS central bankers' speeches