I want to emphasize that we cannot reach a judgment from 5  BIS Review 5/2000  BIS Review 5/2000  6  12/99  1/00  1/00  1/00  1/00  National Assoc.
*  *  *  Mr. Gopinath Pillai, Chairman, Institute of South Asian Studies (ISAS); Mr. Heng Swee Keat, Managing Director, Monetary Authority of Singapore (MAS); Dr. Jaishankar, Honorable High Commissioner; and distinguished friends. I deeply appreciate the invitation from the ISAS to address this august gathering of policy makers, eminent academics, and market participants of Singapore.