We, of course, have been very aware of the importance of this characteristic and regard it as a virtual necessity if a country is to be able to run a floating exchange rate regime successfully. But many, if not most, countries do not reach this stage.
10 4/7  BIS central bankers' speeches  We learned a great deal from the survey. 10 Participants confirmed that most fixed-income instruments have experienced a slight decline in market liquidity over the past two years. They also told us that liquidity for certain products, such as investment-grade corporate bonds, has deteriorated the most.