In addressing this challenge, however, both managers of firms and makers of public policy would do well to be mindful of the ultimate goal--a clear understanding of a firm’s activities that fosters market discipline. BIS Review 21/2003  5  Conclusion In conclusion, the benefits of derivatives, in my judgment, have far exceeded their costs. Derivatives unquestionably do pose risk-management challenges to market participants.
Today, I would like to focus on the current situation regarding Economic and Monetary Union.