The Bank recently upgraded its treasury system (Findur) that captures financial trading activity, and produces financial performance reports among other functions. What was expected to be a relatively simple and quick upgrade process took around 11 months and incurred substantial frustration and cost – directly in terms of additional resources and indirectly through deferment of other scheduled developments. Risks unfolded that were not anticipated.
Given such uncertainty, the Triffin International Foundation may well have to organise another conference in the 22nd century! References Angeloni, Bénassy-Quéré, Carton, Darvas, Destais, Pisani-Ferry, Sapir and Vallée (2011): “Global currencies for tomorrow: A European perspective”, Bruegel Blueprint Series, vol. XIII. Bernanke, B.