. our banks may face the asset quality analyses and stress tests to be conducted by the ecb before the effective implementation of the single supervisory mechanism in november 2014 from a sound position. conclusions allow me to conclude. with all due caution, the data available allow us to think that we may be at the start of an economic recovery in the eu and in spain. this will never be bis central bankers ’ speeches something mechanical, but rather the result of a major effort to correct the serious imbalances that our economy built up in the period to 2008. the risks of this expectation not being fulfilled are not only and strictly in the economic sphere : legal security and political stability will be pivotal to the engine of recovery. thank you. bis central bankers ’ speeches

guy debelle : the global code of conduct for the foreign exchange market address by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, to the fx week australia conference, sydney, 17 march 2016. * * * today, i will talk about the global code of conduct for the foreign exchange market. i will reiterate the motivation for the work we are doing, then update you on where we are at with the process and outline the way forward. why is the work going on? as i have stated on previous occasions, the foreign exchange ( fx ) industry is suffering from a lack of trust in its functioning. this lack of trust is evident both between participants in the market, but 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. a well - functioning foreign exchange 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. the global code is aiming to set out global principles of good practice in the foreign exchange market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. this should help to address the lack of trust as well as promote the effective functioning of the wholesale fx market. to that end, one of the guiding principles underpinning our work 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. the work to develop the global code commenced in may last year, when the bank for international settlements ( bis ) governors commissioned a working group of the markets committee of the bis to facilitate the establishment of a single global code of conduct for the wholesale fx market and to come up with mechanisms to promote greater adherence to the code. 1 there are two important points worth highlighting : first, it's a single code for the whole industry and second, it's a global code