But even without being able to assign precise shares to all the contributing factors, we know that greater integration and openness are likely to have been particularly important in the Caribbean case. China through its Central Bank the National Bank of China has become the repository of vast foreign exchange reserves principally in US Dollars.
What are the prospects for the economy not just over the short-to-medium term but also in the long term? Second, I want to say a few remarks about the euro area. In particular I want to discuss the steps taken by the ECB in order to lessen the impact of the crisis in the euro area, including changes to governance in EMU.