Of course, the other tool is, we tell markets what we intend to do and why. And, I think, this is one of the reasons the Bangko Sentral has been quite effective [in inflation targeting] over the years. Well, a recent example of this stronger guidance was provided in last week's Bankers' Night, where I said, "We will reduce the RRR [reserve requirement ratio]."
The guilder and other currencies had fixed their exchange rates against the US dollar, which in turn was pegged to the gold standard. In the early seventies, the American balance of payments likewise began to deteriorate due to public sector overspending. This situation was related to the war in Vietnam.