This interaction has become particularly intense since the advent of the euro and the setting up of the European Central Bank and of the Eurosystem, but at the same time builds on a long-standing history of central bank multilateral cooperation in various international institutions and fora, including the Bank for International Settlements since the 1930s, the International Monetary Fund since the mid1940s, the G10 since the 1960s, the G7 since the mid-1970s and, more recently, the Financial Stability Forum and the Group of Twenty.
I have confidence that the private-sector marketplace can provide the combination of new products, services, and service providers to meet the needs of consumers and businesses. Our goal is to determine how we can best aid the process of moving to these new instruments without pre-empting private sector creativity and problem solving.