We recognize this as a necessary short term trade-off for realizing medium-term gains. We, therefore, urge all the major currency areas to coordinate their policies and to carefully monitor currency market behavior to minimize potential adverse repercussions on financial markets and on sustainability of global economic recovery. The recent depreciation of dollar has, to some extent, minimized the possibility of such disruptive adjustment.
These and other technologies are fundamentally changing every aspect of our work, and the Federal Reserve remains optimistic about the power of healthy innovation to improve the resilience, efficiency, and inclusiveness of our financial system when the appropriate safeguards are in place.