Furthermore, the effect of the devaluation would have been only temporary without the structural reforms (abolition of indexation among others) that followed. BIS central bankers’ speeches  3  But these austerity programmes are very harsh. Don’t think that some countries are really in effect in a debtor’s prison? Do you see any alternative? They could leave the eurozone?
And suddenly you are doing the impossible.”  Page 12 of 13  Looking back at where we started in 1999 to where we are now, we have progressed considerably in terms of our approach to investing our reserves. We have achieved what might have seemed impossible back then.