This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...

A nascent recovery is underway in Thailand following the COVID-19 downturn. Ample policy buffers, underpinned by judicious management of public finances, allowed the authorities to implement a multipronged package of fiscal, monetary, and financial policies to mitigate the COVID-19 impact on...