If we all follow appropriate policies, then market mechanisms can defuse the danger posed by global imbalances. And that is an outcome that is in everyone's interest. 4  BIS Review 41/2005
I am sure that the keynote speech by Professor Galí as well as the papers that will be presented in the opening session will help us deepen our understanding of the implications of a low interest rates and low inflation environment for monetary policy. A second issue is about the strategies that central banks should follow: should bygones be bygones?