This is perhaps a rather dry topic and I feel sure that there are many more interesting and challenging aspects of derivatives which will be discussed during these two days of seminars related to the Derivatives Expo. 2  Record of discussion of the Exchange Fund Advisory Committee Sub-committee on Currency Board Operations on 5 November 1999, reproduced in HKMA Quarterly Bulletin, February 2000. BIS Review 91/2001  3
But we also say that those countries with high levels of public debt, and less robust public finances, need to make sure their fiscal position is prudent. What I have just said there doesn’t boil down to any fixed set of demands. In the end, the decisions of government are correctly left with the political system. But in terms of some core principles, it’s to balance prudence in managing the public finances and to make sure that the government policies are promoting sustainable growth: sustainable, long-term, climateconscious, consistent with the carbon transition, consistent with raising productivity. If you read the manifestos of all the parties, they all have different ideas, but I think all share the same principle, which is: the more we can have a sustainable economy that is delivering employment and so on, the better for the future of the Irish economy. Is the Irish economy one of those countries that has more room to stimulate economic activity? Well, as you know, this is a long-running debate. At one level, there has been a lot of progress. All of these difficult years of austerity have led to a big improvement in public finances and the number one uncertainty is about the future of corporation tax revenue, which has been unexpectedly high.