There will, of course, not be any neglect, neither malign neglect nor benign neglect, of the exchange rate. The exchange rate will be one of the indicators we closely watch in determining our monetary policy decisions, but only one of them. Question: Mr Duisenberg, I just wanted to come back to these teething troubles. Well, what are these troubles?
And most lending rates in the economy were around average by end year. It is fair to say that very few developed economies could make these same claims. BIS central bankers’ speeches  5  Looking forward, there are reasonable prospects that these favourable aggregate outcomes can continue for a while yet.