Due to the valuation at market prices, the share of gold within the Bundesbank’s reserves has increased significantly during recent years. The composition of the reserve assets is less the result of a portfolio optimisation strategy than, first and foremost, a response to gold transfers under the Bretton Woods System and to foreign exchange interventions prior to the launch of European monetary union.
Global initiatives have also been started in two other areas covered by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), derivatives regulation, and resolution regimes, but a good deal remains to be done before we have agreement on appropriate international measures to promote global financial stability and to assure congruence between U.S. practices and those of other major financial centers.