2 Under these swap arrangements, in exchange for their own currencies, foreign central banks obtained dollars from the Federal Reserve to lend to financial institutions in their jurisdictions.
Monetary policy, of course, did not produce the intellectual insights behind the technological advances that have been responsible for the recent phenomenal reshaping of our economic landscape. It has, however, been instrumental, we trust, in establishing a stable financial and economic environment with low inflation that is conducive to the investments that have exploited these innovative technologies.