Contributor(s): Jaime Caruana | The lecture focuses on three major economic developments: slowing growth, large adjustments in exchange rates in emerging economies, and fall in commodity prices accompanied by bouts of financial turbulence. It offers a longer-term, global perspective in understanding current events and the nature of the vulnerabilities facing financial markets and the global economy, as well as associated policy implications. Jaime Caruana is the General Manager of the Bank for International Settlements. Previously, Mr Caruana was Financial Counsellor to the Managing Director and Director of the Monetary and Capital Markets Department of the International Monetary Fund. From 2000 to 2006, Mr Caruana was the Governor of the Bank of Spain, Spain's central bank, and in that capacity, served on the Governing Council of the European Central Bank. He was also the Chairman of the Basel Committee on Banking Supervision from 2003 to 2006 and has been a member of the Financial Stability Forum (now the Financial Stability Board) since 2003. Professor Sir Charles Bean is Professor of Economics in the Department of Economics and an Associate in the Centre for Macroeconomics. He was Deputy Governor for Monetary Policy at the Bank of England from 1 July 2008 to 30 June 2014.