Moreover, as figure 3 also illustrates, between 1990 and 2005 the share of offices located in a state other than the one in which the parent organization was headquartered rose substantially; currently, more than 37,000 such bank and thrift offices are in the United States.
Let me first turn to the Governing Council’s in-depth discussion on recent economic, monetary and financial developments. Starting with the global macroeconomic environment, it was felt that the spiral of bad news has not continued over the most recent weeks. Also, when looking at market developments, we have observed a strengthening of the US dollar vis-à-vis euro area currencies since its trough in mid-October.