It's a pleasure to be here. With your professional interests in foreign exchange, money markets, capital markets, and derivatives, I'm sure the past year and a half has been exciting and interesting – if those are the right words. We've been living through a period of astonishing financial turbulence, historic marketplace losses, and serious threats to financial stability.
* Since March 2009, BOE has suspended the reserve averaging regime and short-term open market operations on account of its asset purchases through creation of central bank reserves (known as quantitative easing). Source: Adapted for advanced countries from Friedman B.M. and Kenneth N. Kuttner, Handbook of Monetary Economics, Vol.3B, North Holland, 2011.