1  I am grateful to Amanda Roberts and Theresa Stark of the Federal Reserve Board for their assistance in preparing this text. The remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board.
In relation to small countries and in particular emergent ones, I accept that the regime may be useful because it provides a level of commitment that fosters the required credibility for central banks. In the case of big developed areas without significant credibility problems I think that the regime, the way I see it, has some costs and unnecessary rigidity.