BIS central bankers’ speeches  1  We at the Federal Reserve face similar challenges and opportunities, and we look forward to working with you to find common approaches and solutions. I wish you a successful and productive conference. Warm congratulations on your 40th anniversary, and best wishes for another 40 years of success. 2  BIS central bankers’ speeches
Finally, the claim that Eurosystem operations entail base money flowing out of creditor countries to refinance euro area periphery banking systems is unsubstantiated.