Some other authors4pointed nevertheless to the fact that synchronisation could be endogenous to the formation of the monetary union itself, meaning that the adjustment to the single monetary policy would lead member countries’ cycles to become more aligned. Interestingly, this is precisely what Bayoumi and Eichengreen found out when conducting the same analysis in 2017, with data from 1990 to 2014.
I am privileged to welcome all the distinguished participants and speakers on behalf of SBP, my colleagues and SAARC friends at the seminar who have gathered here today to exchange views on payment systems and correspondent banking.