This common understanding of the implications of being members of a currency union should ensure that structural features of the economies help them to preserve their relative competitive position in an open environment while ensuring collective stability. Such collective stability, as opposed to sustained and large imbalances, implies in particular that macroeconomic policies need to be fully consistent with a stability-oriented monetary policy.
*** In the decades ahead, it is in our interest and that of the global economy that China continue to progress toward becoming a more market-based, productive, and dynamic economy in which individual initiative, not government decisionmaking, is the fundamental strength behind economic activity.