Yet I would like to refer briefly to three general points which have aroused greater public interest as a result of the recent currency crises: one, the importance of the banking sector;  5  BIS Review 38/1999  two, the choice of exchange rate system; and three, the short-termism in financial transactions.
Fostering a safe, efficient, and widely accessible payments infrastructure has been a central part of the Fed’s mission since the very beginning. The Federal Reserve Banks all around the country have provided payment and settlement services alongside the private sector for more than 100 years.