I would like to highlight the importance that certain financial instruments, which were introduced in consideration of their positive effects for the hedging of risks, should not be misused in a speculative manner. I share the consensus at global level that regulators should be equipped with appropriate tools to be able to investigate and act in an effective and coordinated manner.
Monetary policy responses to cyclical developments tend to reinforce the cyclical swings in exchange rates, and these exchange rate movements are very much part of the stabilizing power of monetary policy. So, in general, these movements should not be avoided or regretted. However, when cyclical swings are of longer duration or deeper than normal, fiscal policy must come into play.