The EMA is a multi-lingual, multi-jurisdictional, multi-product master agreement which may be used, in particular, to document repurchase agreements, foreign exchange, derivatives and securities loans. The ECB participated in the drafting of the EMA and has been using it since 2001 for all its European foreign reserve management and own funds repo counterparties.
I hope the work and ideas presented and discussed over the next two days will spur subsequent research on these issues and promote further collaboration among all of you. As I have often stressed before, in addition to its responsibilities for monetary policy and financial regulation and supervision, the Federal Reserve takes very seriously its role as a research institution.