The trends have been accompanied by significantly heightened volatilities across all markets. 18. The sequence of events over the last few months have almost been textbook perfect. Currencies of capital recipients, especially those with large current account deficits, came under pressure.
17  See A Greenspan, Statement to the Congress, in Federal Reserve Bulletin, May 1999, p. 304, “Only an increase in national saving or an increase in the efficiency with which we use our saving can help us meet the retirement requirements of the coming years”. 7  BIS Review 115/1999