But by the advent of the Asian crisis, when the exchange rate declined a lot, both we and the financial markets had developed sufficient confidence in our monetary policy framework that we were able to allow the exchange rate to do its job. The conduct of policy through that period is generally regarded as successful.
Overseas Economies I would like to start my speech by looking at developments in overseas economies. After the global economy had grown synchronously since the second half of 2016, differences in growth rates among countries have recently become evident.