All these issues will be covered by other speakers, so I should focus on the one which stems directly from issues of capital flow - ie the exchange rate - and ask if, and how, the inflation targeting regime should be modified to adapt it to the fact that the economy is open, and this openness (providing shocks both on the trade and capital account) is transmitted via exchange rate changes.
Thus in order to secure a higher expansion path in the future, it is essential that we not only stop the downward trend of fixed capital formation, but, moreover, reverse it.