The fact that these movements are not related to changes in aggregate demand is the essential difference between a Type One and a Type Two currency movement. A textbook example of a Type Two currency movement occurred during the Mexican Peso Crisis of 1994-95.
I’m sure that you will learn to love New York – if you don’t already, that is – and, at the same time, do an excellent job of representing the Bundesbank in the United States. I would urge everyone present to draw on Mr Reich’s wealth of expertise and his contacts. After all, the networks we share are what make us strong.