It is reassuring to know that the euro area is today better placed than ever to cope with the challenges of international exposure, while at the same time reaping the benefits of globalisation. In order to do so three elements are needed. First, the dynamic effects of EMU will deepen the economic integration of the euro area.
On-site reserve management  In April 2009 the Bundesbank started to use the premises of its Representative Office in New York to launch a trading desk for reserve management operations in US Treasuries and money market instruments such as repos. So why do we also trade outside of Frankfurt?