Capital flows, inasmuch as they result essentially from trade in financial assets, are prone to volatilities derived from information asymmetries, herd behaviour, panics etc., which may be far divested from the fundamental macroeconomic strengths. I resist the temptation to tangentially sail into a discussion on the vagaries of the financial markets.
I would also like to thank our guests, representatives of USA, UK, France, Italy and Spain and to my brothers, NAMLC members and to all audience. Wishing you success in this conference. 2  BIS Review 3/2007