Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Could I add one other point based on the work that I’ve done on this? Two other countries have been mentioned in this regard, and one is Korea, which for geopolitical reasons obviously is not going to go to the market any time soon. But they have been among the emerging-market countries that were most supportive of the CAC, so the expectation is that when they come to market they will adopt the CAC. The other country that has been active in these discussions is South Africa, which had been a little more negative about the CAC, I think. But there were many people who thought that, with the Mexicans having gone ahead, the resistance in South Africa might change as well. So those two countries are ones that need to be watched. But I think Bill is certainly right that it’s just not clear yet how all this is going to sort out.

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