Most have failed to attract users, in particular in the major currency areas. The total value outstanding has fluctuated sharply, largely from speculative activity. The global value of all VCs is currently around a fifth of the value of all euro banknotes in circulation and around 3% of the narrow monetary aggregate M1.
I wish to congratulate the entire membership and particularly the Secretariat and the newly appointed Governing Council for this milestone in the evolution of the credit information sharing program. Indeed it is gratifying to note that since the launch of the Association at the CIS Regional Conference slightly over a month ago, some progress has already been made.