In particular, we highlight the main economic developments which have affected our operations and policy implementation. The focus of this address is on the main operational areas of the Bank including monetary policy and its implementation, gold and foreign-exchange reserves management, financial stability issues, the national payment system, banking regulation and supervision, international cooperation and internal administration.
Of course, the United States is not exempt from concerns about the potential long-term effects of an unsustainable fiscal path. There is almost certainly a level of debt at which the United States would be at risk of an interest rate spike. However, we should expect that level to be substantially above one identified based on the experience of smaller euro-zone nations.