They are the manifestation of the circularity and recursivity of the dollar as the exceptional reserve currency. In view of the sometimes extreme fluctuation of dollar demand and supply in the offshore markets, we should perhaps not forget a comment by a former U.S. Treasury Secretary: "The dollar is our currency but your problem.
The EAPS project aims to interlink all the Real Time Gross Settlement Systems in the region to enable cross border transactions to be processed in an efficient manner, which is essential for boosting intra-regional trade. Fellow Governors, before we begin our deliberations, I would like to make a few remarks about the lessons to be drawn from the ongoing crisis in the Euro zone.