Such a situation is most likely to occur in small economies fully open to international trade and capital flows, economies in which domestic interest rates are determined by world capital markets and are independent of domestic economic variables.
Today, I am very pleased to welcome my close friends from the Asian central banking circle and the International Monetary Fund. Governor Zeti from Malaysia, Governor Tarisa from Thailand, Governor Abdullah from Indonesia, Governor Tetangco from the Philippines, and Managing Director Rodrigo de Rato of the IMF, I would like to thank all of them for joining us as guest speakers.