that, despite vulnerabilities focused on some sectors and a more complex international environment, the systemic risk analysis shows that banks have sufficient buffers to withstand severe stress scenarios. notwithstanding the above, we believe that since this is a novel macroprudential tool, both in chile and at a global level, there is a need to continue the process of deepening our understanding of this buffer and its effects on different economic and financial variables, its interaction with monetary policy, on the one hand, as well as coordination and interaction with micro prudential tools and supervision, on the other. in this sense, learning from the experience of other countries, from relevant local and international experts and stakeholders can make a significant contribution to this discussion, which is precisely the purpose of this workshop. the speakers and panelists will be exploring a wide range of topics : ( i ) the uk experience using stress tests to support countercyclical buffer decisions ; ( ii ) the role of macroprudential policy in the recent covid - 19 pandemic ; ( iii ) the effect of capital - based regulation on banks'pricing policies in other emergent countries, like the czech republic ; and ( iv ) how to assess the impact of the macroprudential policies in quantitatively rich macroeconomic models. the workshop will be followed by an invitation - only session with discussions with local and international stakeholders and private sector authorities. let me finish by thanking you all for taking the time to join us today in this workshop. this tool is crucial to accomplish our mandate of reducing systemic risk in the financial sector. even though we have made substantial progress implementing the framework around this prudential tool, there is more work to be done. this workshop will help us learn from other practitioners'experiences who have already tackled some of the issues we are due to solve or are in the process of doing so. i wish you all a very productive rest of the day discussing about these issues. thank you. 3 / 3 bis - central bankers'speeches

guy debelle : the global fx code of conduct address by mr guy debelle, deputy governor of the reserve bank of australia, to the thomson reuters industry event " examining the fx code of conduct ", sydney, 15 june 2017. * * * the fx global code of conduct was launched just over two weeks ago in london. it is available on the global foreign exchange committee ’ s website, www. globalfxc. org. 1 today i will reiterate the motivation for the work, highlight the main features of the code and adherence, summarise how we developed the code and outline the way forward. firstly, why has this work been necessary? the foreign exchange ( fx ) industry has been suffering from a lack of trust. this lack of trust is evident both between participants in the market and, at least as importantly, between the public and the market. the market needs to move toward a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately. the code sets out global principles of good practice in the fx market to provide a common set of guidance to the market. this will help to restore confidence and promote the effective functioning of the wholesale fx market. a well - functioning fx market is very much in the interest of all market participants. this clearly includes central banks, both in their own role as market participants but also as the exchange rate is an important channel of monetary policy transmission. in a globalised world, the foreign exchange market is one of the most vital parts of the financial plumbing. one of the guiding principles that has underpinned our work in developing the code is that the code should promote a robust, fair, liquid, open and transparent market. a diverse set of buyers and sellers, supported by resilient infrastructure, should be able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour. note that i am talking about all sections of the fx market : buyers, sellers and infrastructure. the work to develop the code began two years ago, in may 2015, when the bis governors commissioned a working group of the markets committee of the bis ( which i chaired until early january this year ) to do two things : first, establish a single global code of conduct for the wholesale fx market and second, to come up with mechanisms to promote greater adherence to the code. 2 this work was very much a public sector – private sector partnership.