But we cannot rest on our laurels. There is still much to learn and to change. Economic theory moves forward and economic behaviour is never constant. The practice of monetary policy must keep up. But what we will not change is our commitment to monetary stability and to the achievement of the Government’s inflation target. It is that commitment which can deliver economic stability to this country. BIS Review 63/1999  10
1997 Q1-Q2 = 100  Chart 12 Nominal GDP Indices in $ Terms  120  120  110  110  100  100  90  90 80  80 70 60 50 40  Hong Kong Indonesia Korea Malaysia Singapore Taiwan Thailand  70 60 50 40 30  30 Q1 1997  Q2  Q3  Q4  Q1 1998  Q2  7  Q3  Q4  Q1 1999  Q2 12  BIS Review 103/1999