By providing pertinent Bank Secrecy Act information to FinCEN, which is adding additional staff to fulfill its responsibilities, the Federal Reserve and the other regulators can now better coordinate their supervision and enforcement efforts, thus further reducing the potential for unwarranted compliance burdens.
And let me make one thing clear: Monetary policy has played a very important role in fighting the crisis but it cannot solve the euro area’s problems. Another challenge we face concerns the United Kingdom and Germany, in particular. Both our countries are confronted with rising property prices and with the overarching question of whether there is a bubble building up.