Among these actions, expansionary monetary policy has been both innovative and key to the management of domestic problems, and at the same time, has created challenges for emerging economies, both in terms of likely repercussions and the need to respond.
In my remarks, I would like to address first, the possible effects of the monetary policies implemented by developed countries on emerging economies, manifested especially through a significant rise in capital inflows; second, some concerns and risks associated with these larger foreign resources; and third, the most important measures that the authorities of many developing nations can adopt to mitigate some of the vulnerabilities derived from capital flow surges.