As the title of the panel discussion that will take place this afternoon highlights, country specific circumstances have called for different choices of monetary and exchange rate policy and changing circumstances may have called for changes in the approaches to be followed.
I will not expand on this issue further than to emphasise that regardless of the actual monetary and exchange rate framework chosen, it is crucial to consolidate a culture of price stability, buttressed by independent central banks. Outside the realm of monetary and exchange rate policy I would like to briefly touch upon fiscal and external developments.