*  *  *  The objectives of this presentation are: (i)  to suggest the need of some of the developing countries for managing capital account, implying elements of control, regulation and liberalisation as appropriate;  (ii)  to emphasise the importance of both international and national context in the management of capital account;  (iii)  to outline the contours of control and regulatory framework and the possible use of these in prioritising capital flows while suggesting the dynamic elements needed to enable liberalisation;  (iv)  to elaborate the linkages with other external sector policies, while considering the appropriate control and regulatory framework or liberalisation;  (v)  to highlight the complementary policies that are necessary while considering liberalisation of capital account.
My presence here today - as with our meeting then - is intended to confirm the great importance which the ECB attaches to the implications of the euro for the greater Europe.