To put this more specifically, is it possible to achieve the sorts of integration with international markets, the large inflows of capital which went with this and the rapid transformation of economies, without leaving these economies vulnerable to the sorts of changes of sentiment that we have seen in recent months? The constraint on growth is not the conventional one of resources and technology.
We will also learn more about the actions of other central banks and the effects of the Omicron variant. The first option, namely to reduce the pace of purchases from mid-February with an expectation of a likely end point in May, is broadly consistent with the Bank's forecasts in November for employment and inflation.