Richard Melson

December 2005

BIS Review No. 77

About BIS

June 2004

The Bank for International Settlements (BIS) is an international organisation which fosters international monetary and financial cooperation and serves as a bank for central banks.

The BIS fulfils this mandate by acting as:

a forum to promote discussion and facilitate decision-making processes among central banks and within the international financial community

a centre for economic and monetary research

a prime counterparty for central banks in their financial transactions

agent or trustee in connection with international financial operations

The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China and in Mexico City.

Established on 17 May 1930,

the BIS is the world's oldest international financial organisation.

As its customers are central banks and international organisations,

the BIS does not accept deposits from, or provide financial services to,

private individuals or corporate entities.

The BIS strongly advises caution against fraudulent schemes.

Please find BIS Review No 77 attached as an Adobe Acrobat (PDF) file.

Alternatively, you can access this BIS Review on the Bank for International Settlements' website by clicking on

What's included?

BIS Review No 77 (30 November 2005)

Axel Weber:

Challenges to the global economy

David Dodge:

Improving Canada’s productivity

Philipp M Hildebrand:

Economic outlook and monetary policy

Philipp M Hildebrand:

Financial Stability and Hedge Funds: Effective and Ineffective Supervision

Su Ning:

Improve financial ecological environment, promote financial innovation, boost financial development

Xiang Junbo:

Medium-term strategy to strengthen financial stability and promote financial development

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or if you would like to add or change an address, please e-mail

How to contact the BIS

January 2004

The BIS maintains no office, branch, or affiliate other than those listed below.

Registered office of the BIS:

Location: Centralbahnplatz 2



View map

Postal Address: CH-4002 Basel

Telephone: (+41 61) 280 8080

Fax: (+41 61) 280 9100 and

(+41 61) 280 8100

Telex: 962 487 biz ch



Representative Office for Asia and the Pacific:

Location: 78th floor, Two International Finance Centre

8 Finance Street, Central

Hong Kong

Special Administrative Region of the People's Republic of China

View map

Telephone: (+852) 2878 7100

Fax: (+852) 2878 7123

Representative Office for the Americas:

Location: Torre Chapultepec

Rubén Darío 281 - 17th floor

Col. Bosque de Chapultepec

Del. Miguel Hidalgo

11580 México, D.F.


Telephone: (+52) 55 91380290

Fax: (+52) 55 91380299

E-mail us:

BIS e-mail address:

Website comments and questions:

Order publications:

Contact individual BIS staff members using e-mail format:

Journalist/media enquiries:

Press & Communications, the BIS's press office in Basel, is staffed Monday to Friday, 0900 to 1800 Central European Time.

Outside of these times, please e-mail or leave a message at the telephone number below.

Press & Communications is headed by Anita Breland.

Press officers are Margaret Critchlow and Lisa Weekes.


Telephone: (+41 61) 280 8188

Fax: (+41 61) 280 9100 or (+41 61) 280 8100

BIS Review No 77 available

Attachment: bisrev77.pdf (0.26 MB)

Press, Service

Thursday, December 1, 2005