And if some countries were prepared to practice such “beggar thy neighbour” behaviour, why should others permanently open their borders to them? The point was not that the single market could not tolerate small exchange rate adjustments among a few of its members.
* * * Honourable Governors, Ladies and Gentlemen, Good afternoon and welcome to this fifteenth meeting of our Regional Consultative Group. It gives me great pleasure to share my thoughts with this august forum whose work serves as inputs for the FSB Plenary.