But, what I can say is that, given the structure of our economy, for now and for as far into the future as I can see, the advantages of a flexible exchange rate, anchored by a domestic inflation target, clearly outweigh the benefits of a currency union. And they will certainly always outweigh those of a peg.
BIS Review 43/2008  1  step, and we look forward to working with the Congress and others in developing a framework that modernizes our financial and regulatory architecture.