BIS central bankers’ speeches  3  Further legislative action is necessary to complete the single market for financial services Let me now turn to the next five years and the legislative agenda for the EU. I see a number of areas where further progress is required in order to complete the Single Market for financial services.
To ensure an orderly functioning of the foreign exchange market, pre-announced or sporadic interventions in this market have been carried out and, most recently, a mechanism for the hedging of foreign exchange risk of up to $ billion was introduced, which does not imply the use of international reserves.