Certainly, the emergence of a highly liquid foreign exchange market has facilitated basic forex transactions, and the availability of a wider array of financial instruments has allowed the development of more complex hedging strategies that have enabled producers and investors to better allocate risk.
We are unlikely to see a turnaround in euro-area interest rates in the near future. In closing, I would like to quote again from The Alan Parsons Project: “Someday, you’ll know where you are”. Thank you for your attention. 2  BIS central bankers’ speeches