In concluding, I would like to reiterate that in many respects, the euro has proved to be a driving force for Europe's continued political integration and economic reforms. The euro is regarded as an important token of identity for a modern, dynamic and open Europe. The euro provides a stable anchor in unfortunately not so stable times.
Importantly, the Federal Reserve and other U.S. regulators have also taken steps to ensure that the financial institutions we supervise enforce compensation policies that control incentives for excessive pro-cyclical risk-taking.