Let me begin with the response of the Eurosystem, which has fully respected – in terms of the allocation of responsibilities – the distinction between monetary policy and fiscal policy.
2/3  BIS central bankers' speeches  Let me conclude by posing the question: what will the international monetary and financial system look like in 2043, when the Central Bank of Ireland celebrates its centenary? No doubt, this question will be settled by the end of this afternoon’s symposium.