We give particular focus to foreign exchange (FX) and local currency debt markets. We envision a more balanced financial ecosystem where the banking system is complemented by a deep and liquid debt market. Our bold financial sector reform agenda includes ambitious FX reforms toward a more organized FX market that supports a flexible and market-determined exchange rate.
In order to address these concerns, on 22 September, at  1  BIS Review 84/2000  the ECB’s initiative, the monetary authorities of the United States, Japan, the United Kingdom and Canada joined the ECB in a concerted intervention in the foreign exchange markets.