BIS central bankers’ speeches  7  References Broadbent, Ben (2012), “Productivity and the allocation of resources”, speech given at Durham Business School, available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2012/599.aspx Cairncross, Sir Alexander and Cairncross, Frances (1992): “The Legacy of the golden age: the 1960s and their economic consequences” (Routledge) Chancellor of the Exchequer (2012): Letter to the Governor of the Bank of England, reaffirming the remit of the MPC, available at: http://www.hmtreasury.gov.uk/d/open_letter_from_chx_to_boe_22032011.pdf Furceri, D and Mouragane, A (2009), “The effect of financial crises on potential output: new empirical evidence from OECD countries”. OECD Economics Department Working Papers no. 699. George, Lord Edward (1999): “Annual Cornwall Lecture”, available at: www.bankofengland.co.uk/publications/Pages/.../1999/speech62.aspx King, Sir Mervyn (1997), “Inflation targeting 5 years on”, speech given at the London School of Economics, available at: www.bankofengland.co.uk/publications/speeches/1997/speech09.pdf King, Sir Mervyn (1997), “Changes in UK monetary policy: Rules and discretion in practice”, Journal of Monetary Economics, Volume 39, Issue 1 (p81–97) King, Sir Mervyn (2004), “The institutions of monetary policy: the Ely Lecture 2004”, available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2004/208.aspx King, Sir Mervyn (2012), remarks given at the Panel discussion on “Challenges for the Future”, Federal Reserve Board Conference “Central Banking: Before, During and After the Crisis”, available at: http://www.bankofengland.co.uk/publications/Documents/speeches/2012/speech556.pdf International Monetary Fund (2009), “What is the damage? Medium term output dynamics after financial crises”, World Economic Outlook, October, chapter 4, pages 121–151.

Jean-Pierre Roth: Swiss outlook and global developments Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Icon Roadshow Euro 2008, Frankfurt am Main, 17 March 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The Swiss economy looks back on a number of successful years during which it was a very active participant in the growth of the world economy. The export sector rapidly expanded its presence in the new markets, thereby making an important contribution to this development. What was remarkable was that the increased foreign activities were not detrimental to Switzerland as a production location. On the contrary, the Swiss location benefited overall. Reforms aimed at strengthening and opening up Switzerland as a business location have also made a substantial contribution to economic prosperity in recent years. The turbulence on the financial markets that erupted in mid-2007 is unlikely to leave the Swiss economy unscathed. The export sector, including the banks, will be affected by the slowdown in the international economy. An additional factor is the substantial rise in the value of the Swiss franc over the past few months against the euro and the US dollar. However, we are already in a position to learn quite a bit from the financial market turmoil.