The policy trilemma is a hypothesis based on the work of Robert Mundell and Marcus Fleming. The hypothesis suggests that a country can achieve at most two of the following policy goals: exchange rate stability, monetary policy independence and free capital flows. In the lecture slides we gave three countries as examples of each side of the policy trilemma.

From the class presentations, choose two countries not discussed in the lecture slides and explain how they represent DIFFERENT sides of the policy trilemma.