More dialogue among the dollar, euro and yen countries might have produced a set of policy mixes across these countries that avoided some of the wider swings in exchange rates that we have witnessed  BIS Review 43/1999  4  during the past 25 years. We have learned much from this period, and will all work toward putting our knowledge to good use.
Let me conclude once again by congratulating the euro area on a remarkably smooth birth of their new currency and new central bank. I personally wish the euro area great success with this bold initiative. 5  BIS Review 43/1999