All of these bilateral agreements just prove the need for international cooperation in a context of an absence of a multilateral organization in a position to perform as a kind of “central bank of the central banks”. This is the next step we need to go for.
*  *  *  It is a pleasure for me to welcome you today. I would like to start by thanking you all for coming to Frankfurt to participate in this conference. We are happy to have a good mix of people from academia, industry and European policy institutions in this room.