The Bank’s policy remains that of accumulating reserves and not of defending or achieving a particular level for the exchange rate. The exchange rate remains market-determined, and any speculation that the Bank may currently have a preference for a stronger currency or may have even been selling foreignexchange reserves is misplaced.
In my remarks this afternoon, I would like to focus on the importance of strengthening the Single Market, the various initiatives currently being pursued for this purpose, and how T2S fits into the wider picture. The Single Market, and the Single Financial Market in particular, has been one of the great success stories of the EU.