That basic framework pertains to how the Fed intends to move toward more normal levels of interest rates and asset holdings. I suspect some of you are just as avidly interested, if not more so, in when and how rapidly the Fed will raise rates. I hate to disappoint you, but the truth is nobody knows yet.
The Eurosystem – namely the European Central Bank and the national central banks of the thirteen countries which have adopted the euro – has established a working relationship through central bank co-operation, notably with the members of the Gulf Co-operation Council and Egypt, as well as through the organisation of an annual seminar with Mediterranean central banks at the level of Governors.