In tomorrow’s sessions we are scheduled to extend our perspective by explicitly taking into account the openness of the economy and look into the implication for exchange rates and exchange rate regimes in particular. With the following remarks I only want to emphasize that the subject of our conference is highly topical from the economic policy point of view.
It is true that in recent years the ample supply of liquidity internationally has combined with increased risk tolerance on the part of investors to support a rather stable external environment for emerging and transition economies and in particular predictable exchange rates.