BIS central bankers’ speeches  1  economies, such as Australia, Canada, and New Zealand, points to a notable role for foreign capital, especially from the United Kingdom and the United States.2 And the United States was itself aided by foreign capital at an early stage of its development.3 That the advanced economies have achieved high standards of living, while at the same time embracing financial openness, suggests that such openness is likely to bring long-term benefits for other countries as well.
BIS Review 25/1998  -5-  This certainly opens up the risk that the ECB might have to take measures which could endanger its own objectives.