然而，一个重要的问题却很少被提到：在小而开放的经济体（这种描述适合于几乎任何国家，除了美国）中，货币政策的主要渠道是汇率。
However, an important issue is rarely mentioned: in small, open economies – a description that applies to almost every country except the US – the main channel of monetary policy is the exchange rate.