The dollar has always been able to maintain its position as the leading world currency despite the ups and downs in the dollar exchange rate. Apparently, the individual currencies’ positions on the international financial markets are determined, at least to some extent, by factors other than the exchange rates.
That is why the ECB dedicates significant resources to research, but also to its exchanges with academia. Last April, we held our first annual Macroprudential Policy and Research Conference which was, on this occasion, jointly organised with the IMF.