Operationally, the issue is often not “which” instrument but “how much” of each instrument needs to be utilised, with due regard to the capital flows, market conditions, and monetary as well as credit developments. Sixth, the market interventions for containing volatility in exchange rate and the consequent sterilisation operations may need to be complemented by measures for effective capital account management, as needed.
*  *  *  Ladies and Gentlemen, I thank the Trinidad and Tobago Securities and Exchange Commission (TTSEC) for inviting me to speak at the Opening Ceremony of the 2012 meetings of the Council of Securities Regulators of America (COSRA) and the Caribbean Group of Securities Regulators (CGSR).