’ toolbox, at least in reserve. in my view, a review of monetary policy strategy is a sound way to prepare for these longer - term challenges. last november, the federal reserve announced it would launch such a review. the latest update of the ecb's monetary policy strategy took place in 2003 – before the global financial crisis and its ramifications and policy changes. i am glad this option is now discussed and assume that the ecb will conduct a review at an opportune time, in the relatively near future. 6. on a final note, let me just say one thing. as the international monetary system is built on trust, current policy uncertainty and the erosion of international cooperation are damaging to everyone. we need bolder joint efforts to steer the global economy towards a more sustainable future, be it ecological, economic or social sustainability. on europe ’ s part, i can only say that we keep the flame of global multilateralism alive. i hope others will stay, or join, on board. thank you so much for your attention! 1 “ der zustand des geldwesens eines volkes ist ein symptom aller seiner zustande. " 3 / 3 bis central bankers'speeches

the issue has also been recognised at international level. the basel committee has therefore announced the release of a set of measures for consultation. these measures mainly provide for the revision of the standardised approaches for rwa calculation, the introduction of an rwa floor based on the standardised approaches, as well as greater transparency. the floor is aimed at ensuring that the requirements for banks using the model - based approach remain sufficiently prudent. in this regard, let us also recall that finma – together with the big banks and with the support of the snb – has conducted a comparison of rwa calculated with the model - based approach and the standardised approach. the snb suggests that banks consider the possibility of publishing the results of this analysis in appropriate form. in any case, the snb remains convinced that banks which use the model - based approach for calculating their rwa must continue to improve their transparency with regard to their risks. considerable bis central bankers ’ speeches progress has been made already, especially in terms of disclosing changes in rwa broken down by cause. publishing a parallel calculation of rwa based on the standardised approach would greatly contribute to building trust and market discipline. enhanced transparency is likely to be a key component of the measures that the basel committee will put in consultation. domestically focused commercial banks i would now like to turn to the situation of the domestically focused banks. risks facing these banks are still primarily connected with the mortgage and real estate markets. these risks have largely remained unchanged at a high level over the past six months. in the last half year, the momentum in the mortgage market slowed, with annual growth in mortgage lending slightly less high than in the previous quarters. the mortgage volume continued to rise more steeply than gdp, but the difference between the two growth rates has become smaller. furthermore, real estate prices continued to rise but, as in 2013, momentum remained below the levels observed until 2012. developments still varied widely from one region to the other. whereas real estate prices in some regions hardly increased or even decreased, other regions continued to register significant price rises. however, it is still too early for an all - clear. first, the imbalances that have built up since the beginning of the low - interest - rate phase remain at a high level. second, mortgage interest rates have again dropped to historically low levels in the past few months. and third, there are no broad - based indications of a change in the banks ’ risk appetite. mortgage lending growth