It is very clear to us that there is a significant need for a better understanding  of  the  mechanisms  by  which  monetary  and  macroprudential policy interact and global financial cycles propagate and impact our own financial system.
In fact, the recent financial and economic turbulences which were also accompanied by some exchange rate volatility have resulted in only in very limited changes to the currency composition of global foreign exchange reserves. Thank you very much for your attention. 1  See Campbell, J. Y., Serfaty-de Medeiros, K., and Viceira, L. M., 2007. “Global Currency Hedging”, NBER Working paper, 13088 May 2007.