In the early twentieth century the creation of the Federal Reserve System helped to improve the efficiency of the payment system in at least two important ways. First, the Fed set up a national system of check-clearing, in which the Fed acts like a correspondent bank with an ability to collect checks throughout the United States.
A full and consistent implementation of the euro area’s existing fiscal and macroeconomic surveillance framework 2  BIS central bankers’ speeches  is key to bringing down high public debt ratios, to raising potential growth and to increasing the euro area’s resilience to shocks. We are now at your disposal for questions. BIS central bankers’ speeches  3