Trade has also been opened up to improve the efficiency of markets, namely through the FTA and NAFTA. The main point here is that all of these policies have worked in the same direction - towards improved labour market performance. Now let me turn to prospects for income growth.52 An important determinant of aggregate income growth is labour-productivity growth.
We have been very cautious by generally limiting such aggregate outstanding liabilities and rarely does it exceed 10 per cent of reserves. Of course, there is no rigid rule. We observe great prudence in these matters while exercising flexibility. We publish all such operations from time to time.