And what I would like to emphasise in my remarks today is that staying on the path of reform is essential not only for the citizens of today. It is also essential for those of tomorrow. Like all Western societies, and some rapidly ageing Eastern ones, Greece faces long-term fiscal challenges linked to high public debt levels and demographic developments.
The Reserve Banks distribute currency, act as a banker’s bank, and generally perform the functions of a central bank, including serving as the federal government’s fiscal agent. A central bank also guides the country’s monetary policy. In the U.S., the body within the Federal Reserve that makes monetary policy decisions is the Federal Open Market Committee, or the FOMC.