Question: What do you understand from the phrase Impossible Trinity? Why is it impossible to have exchange rate stability, independence in monetary policy, and free flow

What do you understand from the phrase "Impossible Trinity"? Why is it impossible to have exchange rate stability, independence in monetary policy, and free flow of capital simultaneously for a country? Please Explain.

Give examples from today's world of countries that selected different options among the choices offered by the Impossible Trinity.
For a small emerging economy with a focus and potential to grow, which choice would you offer? Would your answer change if it was a developed large economy?

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