is a strong pre - condition for full integration into the european structures and for making maximum use of the potential of our country's participation in the single european market, including by eliminating the need to convert levs to euro and eliminating transaction costs. the data and experience of the countries that joined the euro area earlier show that the introduction of the euro accelerates sustainable development and the convergence with the average european incomes. in conclusion, i would like to once again welcome the guests at this high forum and the speakers participating in it, and i wish interesting and productive discussions to all participants in today's conference. 2 / 2 bis - central bankers'speeches

daleep singh : implementing the fed ’ s facilities - moving at maximum speed with maximum care remarks ( via audio webinar ) by mr daleep singh, executive vice president and head of the markets group of the federal reserve bank of new york, before the money marketeers of new york university, 17 april 2020. * * * as prepared for delivery good morning everyone. thanks for being here, and let me begin by offering best wishes for everyone ’ s health under these difficult circumstances. i should also make clear at the outset that the views i express are my own and do not necessarily reflect those of the federal reserve bank of new york or the federal reserve system. in my remarks today i ’ d like to review the context in which the federal reserve launched an unprecedented set of policy actions, and i will then describe our approach to standing up emergency facilities at maximum speed with maximum care as we execute our mission. context in mid - march as you will no doubt recall, financial markets in mid - march were seized by the uncertainty caused by virus outbreak, both in terms of the speed and scale of impact on the economic outlook, and for society as a whole. extreme uncertainty triggered unprecedented market volatility across asset classes, escalating into a system - wide deleveraging event that appeared to overwhelm the capacity of financial intermediaries to absorb and transfer risk in an orderly manner. liquidity dried up across markets, including in u. s. treasuries, the benchmark upon which virtually every other asset is priced or hedged, the foundation for the dollar ’ s primacy as a reserve currency, and the source of funding for our federal government. as uncertainty rose and liquidity deteriorated, demand for cash and safe assets rose and demand for assets with any form of credit or liquidity risk plummeted. for a few weeks in march, even treasury yields began to rise, especially in longer maturities, and so did the cost for almost all forms of household and corporate borrowing. access to financing beyond overnight tenors became severely impaired, causing acute dislocation across short - term funding markets and triggering outflows across prime money market funds. in the race to safety, dollars became increasingly scarce, intensifying the stress across global markets. emerging market economies experienced an unprecedented outflow of capital from non - residents. sovereign yields surged in the most indebted european countries. the ominous reality was that a synchronized global selloff had taken on a life of