We have a better understanding of the policies and institutional frameworks best suited to creating financial market stability in emerging-market economies, and changes in the international institutional environment have facilitated the adoption of such policies.
We acknowledged this positive trend in our April MPR and in our May 24 press release, while noting concern about the sustainability of growth because of its composition, as well as US-based policy uncertainties. While uncertainties remain, delays in decision making in the United States seem to have moved some of those concerns more into the background.