I cannot help but feel that there is still significant progress to be made in establishing a creative process whereby the Bank first provides academics with sufficient information about the issues it is facing, and then works together with them based on the same information in its search for fresh policy solutions.
Given successful monetary and economic policies, many people will perhaps ask whether unilaterally pegging the exchange rate to the euro in advance might not be a sensible strategy for advanced emerging economies - which would be more ambitious and demanding than the crawling peg strategy which is being pursued here at present.1 However, a strategy of this kind initially presupposes that the euro will indeed be a stable, and internationally attractive, investment and reserve currency, and hence a serious competitor for the US dollar.