*  *  *  I would like to congratulate the International Monetary Fund and Monetary Authority of Singapore for holding this Second High Level Seminar on Asian Financial Integration.
The idea behind this is that competitiveness is relative: one country’s loss is another country’s gain. Thus, rather than just some countries going all the way in terms of adjusting their competitiveness, all countries should meet in the middle – those with a current account surplus should become a bit less competitive, those with a deficit should become a bit more competitive.