And thirdly, it is good practice to periodically bring the brightest minds in the academic community together with practical decision-making to evaluate our monetary policy strategies and conduct a systematic dialogue with civil society.
In some countries, capital inflows have exceeded financing needs, and are either being recycled into excessive domestic credit growth or forcing authorities to accumulate sizeable and costly foreign exchange reserves. In other countries, large deficits fuelled strong increases in external liabilities, endangering macroeconomic stability and putting sovereign ratings at risk. 5.