Table 2: Saving, Investment, Current Account and Budget Balances 1991-1995 average Saving (% of GNP)  Investment (% of GNP)  CAB (% of GDP)  Budget Balance (% of GDP)  Indonesia Malaysia Philippines South Korea Thailand  31.8 34.2 18.7 35.4 34.9  34.1 40.5 21.7 36.9 41.8  -2.5 -6.3 -3.4 -1.3 -6.4  0.8 0.1 -0.6 -0.2 2.9  Memo: Mexico United States Germany Japan  17.6 15.5 21.8 34.8  19.4 16.0 22.2 30.4  -5.2 -1.2 -0.9 2.6  0.1 -3.6 -2.0 -0.6  There is not a lot of point in trying to identify precisely whether the capital flows were more supply-driven than demand-driven, because we have known since Marshall that the outcome depends on the two blades of the demand and supply scissors.
The national central banks of the participating countries will become integral parts of the European System of Central Banks. The Bundesbank is working all-out to stay on BIS Review 10/1998  -3-  schedule for putting the technical, organisational and institutional framework in place.