International trends in exchange rate arrangements As we are entering a new decade, fixed exchange rate systems seem generally to be replaced with floating exchange rates. The international foreign exchange market is now dominated by three major currencies - the US dollar, the Yen and the euro - which are floating against each other.
*  *  *  Chairman Dodd, Senator Shelby, and Members of the Committee, I am pleased to have the opportunity to appear before you today as a nominee to serve a new term on the Board of Governors of the Federal Reserve System. I am honored that President Bush has nominated me to serve another term on the Board.