The most important theoretical benefit to the economy of the eventual removal of exchange controls is the removal on restrictions to the movement of capital. I believe that The Bahamas would be a considerable beneficiary of such a development when it eventually is possible, but wish to emphasize that it would probably not be possible in the very short term.
It is now urgent to agree on an ambitious timetable for its implementation. This would foster financial integration in the euro area and contribute to the smooth functioning of our Economic and Monetary Union.