This speech is another step in making sure that our framework is well understood. I would like to thank Wendy Chan, Eric Chouinard, Mervin Merkowsky and Maksym Padalko for their help in preparing this speech. 1 Some prominent international literature on reserve adequacy focuses on emerging-market economies that are  subject to sudden stops in capital flows.
All I have tried to do, today, is to share with you the likely considerations that would guide monetary policy decisions in 2020, putting these in the wider context of challenges facing not just the domestic but also the global economy.