To summarize, I have argued that in order to learn and apply the right lessons from the crisis we must, in the spirit of the man whose legacy we honour today, question the questions. I am conscious that the list of issues I have chosen is by no means comprehensive.
Our flexible exchange rate is helping to bring about movements in the real exchange rate, which is what matters in terms of the adjustment process. But this is not the case in all countries. Where the nominal exchange rate is fixed, the only way to bring about adjustments in the real exchange rate is through large movements in relative wages and prices.