Investors, both domestic and foreign, endeavored en masse to convert to dollars, as confidence in the ability of the local economy to earn dollars to meet their fixed obligations diminished. Local exchange rates fell against the dollar, inducing still further declines. The weakening of growth also led to lowered profit expectations and contracting net capital inflows of dollars.
Ladies and Gentlemen: It is my expectation that over the course of this morning, you shall as market players: •  Clearly identify ways in which the banking sector can facilitate regional integration. •  Brainstorm on regulatory and other barriers to regional integration from a banking and finance perspective.