One thing can be said for certain, though: the assistance loans have paved the way for the required adjustment programmes in the recipient countries. Without them, a much more abrupt adjustment would have been needed. And in actual fact, the countries that were especially hard hit by the crisis have made noticeable progress in dismantling macroeconomic imbalances over the past few years.
Let me finish with three things to take away with you: Read the FX Global Code when it is released on May 25th. Adapt your business where appropriate to conform with the principles of the Global Code. Ask your FX counterparties whether they are committed to the principles of the Global Code. 1 See <www.bis.org/mktc/fxwg/gc_may16.pdf>. 2 See <www.bis.org/press/p150511.htm>. 3 See <www.rba.gov.au/afxc/about-us/pdf/global-preamble.pdf>. 4 See <www.bis.org/mktc/fxwg/am_may16.pdf>.