At the Bank, we would like to see the development of a framework for exchange rate management similar to that in the IMF’s Institutional View for capital flow management. Such an agreed-upon framework could guide managed floating exchange rate regimes to make sure they do not stall adjustment in the medium to long run.
The opportunities are vast. In view of the scope of these changes and the speed with which they are taking place, it will be critical to anticipate change and make the long-term investments needed to prepare for it. Transport and logistics will be an integral part of all of these efforts.