Again, it is very much a global effort reflecting the global nature of the foreign exchange market. This work is also very much a public sector–private sector partnership. In that regard, we are being ably and vigorously supported in this work by a group of market participants, chaired by David Puth, CEO of CLS.
After all, the science of a specific subject is the systematic and organised body of knowledge on that subject, knowledge which is founded on objective principles involving the observation of, and experiment with, certain phenomena. The subject we have in mind is not monetary economics, but monetary policy, that is a course of action adopted by an authority to achieve certain objectives.