What is important, of course, is that there is only one single currency; there is one Governing Council, only one monetary policy decision, and one President, who is also the porte-parole of the Governing Council. At the last ECB press conference, I said very clearly that current interest rates are appropriate.
The Federal Reserve began operating Fedwire through the nation’s telegraph system in 1918 as an underpinning of the national money markets. In 2000, Fedwire, which has long-since become fully electronic, processed 108 million funds transfers, with a total value of $ trillion and an average of $ million per transaction.