As a result, similar to the domestic effects, while the international spillovers of conventional and unconventional monetary policy may operate broadly similarly, the relative magnitude of the different channels may be sufficiently different that, on net, the two policy strategies have distinct effects.
This year, though, is unique, as I have the privilege of addressing not only members of Rotary Club of Manila but also Rotary Club of Makati West, and Rotary Club of Forbes Park. Time is a curious thing.