Although growth prospects for the emerging markets continue to be good, here too the extent and effectiveness of structural reforms, like those currently under way in China and Mexico, will be critical factors. Conclusion Last month we had a ceremony at the Board to commemorate the centennial of the signing of the Federal Reserve Act by President Woodrow Wilson.
The close economic and financial links, which will be reviewed in depth in the first session of this seminar, are not least a legacy of the region’s history and geography. Many people expect these links to intensify in the future, particularly as a result of Association Agreements with the EU and the ambitious objective of creating a EuroMediterranean Free Trade Area by 2010.