BIS Review 104/2000  8  Let me start with sound macroeconomic policies. Sound macroeconomic policies basically mean a sustainable fiscal balance and a supportive monetary policy. The pressure on the public finances has been growing in recent years and the budget deficit has been edging up and public debt has increased as a result.
Commodity prices have risen significantly in terms of all major currencies, suggesting that changes in the foreign exchange value of the dollar are unlikely to have been an important driver of the increases seen in recent months.