The euro has tumbled to 12-year lows against a broadly resurgent dollar this week, while on Friday Brent crude oil slipped under $57 a barrel after the International Energy Agency said a global oil glut was developing.
Bill Blain, a strategist at Mint Partners in London, told CNBC that financial markets faced a whole series of volatility threats and "known un-knowns." These included next week's U.S. Federal Reserve meeting, which will be closely watched for clues on the timing of a rate rise in the world's biggest economy.
Read MoreAre markets ready for June rate hike?
"The Fed meeting is a known un-known because we know it's going to happen, but we don't know how much pain it's going to create," he said. "It could have all kinds of unintended consequences for stock markets. Will it cause the dollar to surge and the euro to collapse, or could it be a sell-the-fact moment?"
The Bank of England's Salmon said in his speech that the severity of recent shock events was exacerbated by structural changes in the fixed income, commodity and currency markets.
Blain added that because investors were now operating in a more complex and distorted financial system, partly the result of massive monetary stimulus by major central banks, the impact of shock events was becoming harder to foresee.
"And the unexpected consequences of a feather falling in Hong Kong causing an ice age in Europe are get harder to predict," he added.
Follow us on Twitter: @CNBCWorld