Claudio Borio is former Head of the Monetary and Economic Department at the Bank for International Settlements. At the BIS since 1987, Mr Borio held various positions in the Monetary and Economic Department (MED), including Deputy Head of MED and Director of Research and Statistics as well as Head of Secretariat for the Committee on the Global Financial System and the Gold and Foreign Exchange Committee (now the Markets Committee). From 1985 to 1987, he was an economist at the OECD, working in