This is broadly the case in the European Union as well as in our Eastern Caribbean Currency Union (ECCU). •  Secondly, Monetary Union works best when, among the participating territories, there is a high level of intra-regional to total trade – in the case of the EU, for example, intraregional trade accounts for an average of 60 percent of total trade.
But beyond this, inflation pressures remain subdued and are likely to remain so. For inflation to be sustainably in the 2–3 per cent range, wage increases will need to be materially higher than they have been recently. Partly for the reasons I talked about earlier, this still seems some way off. Thank you for listening. I look forward to your questions.