The sharp weakening in economic  2/9  BIS - Central bankers' speeches  activity and the modest share of inflation-linked wages in the euro area as a whole also seem to be containing the risk of a sustained and widespread price-wage spiral.
This holds true for most of the Asian economies including the ASEAN. It is, and will surely be, the most difficult task for any monetary authorities to maintain the stability of foreign exchange rates, the free flow of capital, and the independence of monetary policy simultaneously. The answer to this proposition probably lies in the resilience of markets.