The subject matter of this seminar – “Crisis Management in Interconnected Markets” – is indeed very apt. As recent experiences have shown, financial crises occur, albeit infrequently. When they do, the potential costs to all stakeholders – the financial system, the real economy, the governments and, above all, to the common man – are enormous.
Indeed, in 1908, you could buy your daily newspaper for two cents, and a loaf of bread cost five cents. On that, I thank you for your invitation to appear here tonight, and welcome the opportunity to answer your questions related to the future of the penny. 2  BIS Review 73/2010