1. Most monetary authorities have refrained from introducing capital controls so far.

2. Monetary authorities of those nations are expected to meet again around Jan.

3. Monetary authorities have little leeway given the Congress Party's demands for both high growth and cheap deficit financing.

4. In July 1997, when Thailand floated the baht, Indonesia's monetary authorities widened the rupiah currency trading band from 8% to 12%.

5. The monetary authorities shall take concerted action on ways and means of preventing unwanted capital movements which may result from shifts in leads and lags.

6. The smaller the deficit that needs to be financed by debt, the more the monetary authorities are on the upward sloping portion of the Laffer curve and accept inflation.

7. It also requires more progressive taxation; more short-term fiscal stimulus with medium- and long-term fiscal discipline; lender-of-last-resort support by monetary authorities to prevent ruinous runs on banks; reduction of the debt burden for insolvent households and other distressed economic agents; and stricter supervision and regulation of a financial system run amok; breaking up too-big-to-fail banks and oligopolistic trusts.