The act also extended the terms of Board members from 10 years to 14 years; the long, staggered terms of Board members have also served as a brake on political influence. During World War II, the Federal Reserve agreed to peg Treasury yields at low levels to reduce the cost of financing wartime deficits.
I would like to focus my intervention today on some lessons that can be drawn from the global financial crisis for international policy cooperation. I will start with a question. Does the crisis call for a substantial change in the approach to international policy cooperation?