- 11 include the Treasury General Account, the foreign repurchase agreement (or repo) pool, balances held at the Fed by designated financial market utilities, and other items.
In that context, I welcome the fact that Deutsche Börse will be participating in our new TARGET2-Securities system, which will help reduce financial fragmentation and make Europe a better place to invest in. The euro area has started the New Year facing two opposing forces: a strengthening domestic economy and a weakening global one.