We have created a new currency in Europe and a new institution which is a guardian of the currency. The creation of the euro has been one of the greatest endeavours of monetary history and a significant step forward for Europe. It is the coronation of a long lasting process of economic and monetary convergence and integration.
All of us recognise the need to restore the public’s faith in the foreign exchange market and the value of the Global Code in assisting that process and also in helping improve market functioning and confidence in how the market functions. I expect that cooperative relationship will continue as we see this process through to its conclusion in May next year. 1 See <www.bis.org/mktc/fxwg/gc_may16.pdf>.