It is only since many high, and ultimately unfounded, expectations on the part of market players had to give way to a more sober assessment that this development has stabilised and, to a certain extent, gone into reverse. However, we are still a long way off from the exchange rate relationships that existed before the changeover to monetary union.
4  As noted in Vice Chair for Supervision Michael Barr’s review of the supervision and regulation of Silicon Valley Bank, “[the] report was written with the benefit of hindsight on the particular facts and circumstances that proved most relevant for SVB and SVBFG.