Over the last two decades, demand for foreign exchange not only expanded but its composition changed to reflect new patterns of consumer spending (for example, use of  BIS central bankers’ speeches  3  credit cards for making online payments) and new forms of investment (with no capital restrictions, citizens can move money freely to any part of the world).
With your mind space fully taken up by issues like interest rates, liquidity traps and monetary policy transmission, it is easy to forget that monetary policy is also about reducing hunger and malnutrition, putting children in school, creating jobs, building roads and bridges and increasing the productivity of our farms and firms. Keep your ear to the ground.” 20.