It is fair to say that the balance of payments constraint that we grappled with at the TEC was only the tip of a large iceberg. Here are some of the indicators of an economic crisis that we went through. The pre-1994 period is contrasted below with what has happened in ten years.
But if we could move in this direction, there might be more scope to benefit from enhanced competition without exposing users of financial services to unacceptable risks or compromising the stability of the system. I would now like to turn to our economic situation and monetary policy.