Overall, this exercise would provide a better sense of the likely direction of policy and the variables most related systematically to that policy. It would also lead the FOMC to discuss policy in the context of rules and a systematic approach to decision-making, which I believe will lead to better decisions and better economic outcomes over the longer run.
Now, our view about climate change is the Philippines is one of the most negatively affected economies by climate change. We should do something about it. The other one is a very pragmatic one: we expect the rich world that caused all the climate change [greenhouse gas emissions] will punish countries that will not do anything about it.