Firstly, to reflect that inflation, as a last resort, and in a medium to long-term basis, is a monetary phenomenon; this notion is, by the way, very widely recognised by central bankers and academics.
*  *  *  I would like to thank Trevor Reeve for his assistance in the preparation of these remarks. I appreciate this opportunity to offer a few thoughts on the effects of advanced economy monetary policies on emerging market economies (EMEs) – an issue of great importance for Asia and the global economy.