As a result, emerging markets – with different exchange rate regimes and pursuing a gradual approach towards financial integration – have been able to combine low inflation with a comparatively high degree of exchange rate stability. BIS Review 49/2008  3  II. How sustainable is the current configuration of the global monetary system?
After having reviewed the past, I would now like to turn to future developments and the question of whether the current form of emerging markets’ participation in the global monetary system is sustainable. And if it is not sustainable, to where will the system be heading?