We also used, on occasion, intervention in the foreign exchange market to counter the downward pressure on the exchange rate, but only after allowing it to move a considerable distance.
2  BIS Review 18/2002  Challenges to central banks Before concluding my remarks, let me outline the challenges facing central banks with regard to systemic risk. In the six years since the first Systemic Risk Conference, we have learned considerably from our involvement in real-life crises and through intellectual interchanges at this conference and other venues.