I believe it is the responsibility of every country to develop its own set of countercyclical policies that would help weather limited access to financial markets without causing a significant impact on domestic variables. Building a precautionary cushion of foreign reserves is particularly important for emerging markets in these benign times.
That is a landmark event in that the Bank’s price stability  4  BIS central bankers’ speeches  target is taken into consideration in labor-management wage negotiations. The Bank will continue to pay close attention to the progress in the negotiations with strong interest.