I trust that you will find the atmosphere at the first workshop of this cluster conducive to encouraging such cooperation in order that policy in this area can move forward. If the global financial crisis has taught us anything it is surely that we, as central bankers, have a duty to preserve financial stability.
9  In the two decades beginning in the mid 1960s, Singapore succeeded in absorbing very large capital inflows without disruption. This was predominantly foreign direct investment. BIS Review 46/1998  -3-  with capital, to produce high productivity (and high profits) as they moved towards the technological frontier. Hand-in-hand with these high profits go high real interest rates.