I will also show that the advent of the euro has given further impetus to such financial linkages, which now also increasingly include capital flows to and from key emerging market economies.
These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2 See, for example, the statement issued after the conclusion of the Federal Open Market Committee’s March 15, 2020, meeting, which is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.