We are of the view that the co-existence of two monetary systems is significant to the economic reform of China. It follows from the two mutually independent monetary systems of the mainland and Hong Kong that the two monetary authorities will also be mutually independent and one is not superior to the other.
When Konstantinos G. Karamanlis was born, 100 years ago, Europe was dominated by nation-state rivalry, mercantilist competition and eventually isolationist protectionism that led to two catastrophic fratricidal wars among the nations of Europe. At that time, it was difficult to envision that, 50 years later.