General Manager's speech: Looking beyond the here and now

Speech and presentation of the key messages of the BIS Annual Report delivered by Mr Jaime Caruana, General Manager of the BIS, on the occasion of the Bank's Annual General Meeting, Basel, 25 June 2017.

Global growth has broadened and strengthened during the past year, and the near-term outlook appears the best in a long while. The most promising policy strategy is to take advantage of these tailwinds to build greater economic resilience, nationally and globally, so as to be better prepared for future adverse events. One aspect is to preserve the benefits of trade and financial openness. The other is to adopt a longer-term perspective in policymaking. This entails enhancing policy space and strengthening the capacity of the economy to adapt to long-term trends. Building resilience is first and foremost a domestic task. But certain challenges call for a global response and require international cooperation. Completing Basel III is a priority in this regard.