In 2005, unlike earlier years, currency purchases by public investors no longer made the largest contribution to financing. The idea of a “Bretton Woods II” system has therefore already become somewhat less relevant – especially as the oil-exporting countries have become more important for financing the US current account deficit.
1  Board of Governors of the Federal Reserve System (2011), “Federal Reserve Board Issues Final Rule on Annual Capital Plans, Launches 2012 Review”, press release, November 22, www.federalreserve.gov/ newsevents/press/bcreg/20111122a.htm. 2  BIS central bankers’ speeches  A stress test is a critical part of the annual capital review.