Then, the presidents and governors describe their individual views on current economic conditions and their respective outlooks for future economic conditions. The presidents typically start by providing information about their district’s local economic performance. We get that information from our research staffs, but also from our interactions with business and community leaders in industries and towns from across our districts.
In turn, the exchange rate was supported by using the proceeds of Government foreign currency borrowing. This was an unstable situation that could not continue for very long. A second issue, which arose somewhat later, was the volatility of sterling against EMS currencies, including the Irish pound.