Here, I also wish to recognize the commitment, professional standards and technical expertise of the IMF team, under the able guidance of Mission Chiefs, Mr. Harald Finger and Mr. Jeff Frank. Indeed, they deserve special accolades. I have fond memories of long hours of tough discussions and negotiations.
We do not have any recent experience with financial disruptions of the breadth, persistence, and consequences of those that we have experienced over the past several years. And we have no experience with most of the sorts of actions the Federal Reserve has taken to counter the shock.