In several recent cases, the Federal Reserve has taken action to deal with a specific US compliance problem, while the home country supervisor has taken a leadership role in a broader action to address compliance issues across the consolidated firm. •  The Federal Reserve of course not only coordinates with financial regulators in other countries, but with other U.S. supervisors as well - both in terms of policy development and in terms of individual institution supervision. An excellent example of the former is last year’s release of the BSA/AML exam manual by the Federal Financial Institutions Examination Council. A fourth principle is that we should continue improving collaboration between the industry and supervisors. From the supervisors’ perspective, this can take a variety of forms. We have participated in formal and informal public consultations and we have supported industry-led efforts - such as the case of CRMPG II. At times, we have also brought firms together to address issues requiring collective action - as the New York Fed has done with the back-office problems faced by credit derivatives dealers. A final principle I will mention is the importance of regulatory agencies developing specialized expertise to carry out supervisory efforts, with a focus on the hiring, training, development and retention of examiner staff. Specialized examiners can, and should, be exposed to a cross section of firms, so that they can develop a perspective on state-of-the-art industry practices.
It looks back over a very long time period, and encourages us to look into the future as well. The changes that have taken place during two millennia have been substantial, including the introduction of paper money and the end of precious-metal coins in circulation. These are insignificant in comparison with the developments of the recent decade. The future is cashless. Some time in the future, the present contents of our purses and pockets will seem as quaint as some of the contents of this exhibition. Cheques may of course, become obsolete even sooner. This exhibition tells a story through the most significant numismatic items that have circulated in the region. They represent part of a picture that reveals the progress of mankind in the use of money. Given the 21st century will likely mark the end of physical money as we have known it for most of our history, the importance of looking at the past has never been greater. By looking beyond the physical appearance of money and examining its role instead, it is apparent how long the world has been globalised and how insular thinking would not in fact contribute to economic development. Indeed, this exhibition demonstrates that global and economic integration has existed in times of antiquity. We would like to thank everyone who have kept collecting and researching the currency of Nusantara. By doing this, they have highlighted the evolution and continuity of history and the importance and significance of the region in which we live.