As effective these unconventional monetary policy instruments may be in boosting the economy when price stability is at stake, we have to be aware of their limits and of their broader implications. First, the effects of many such policies are not well-known: the conduct of monetary policy is bound to be surrounded by much more uncertainty than is normally the case.
In my welcome address today, I will slightly touch upon the global financial sector reform initiatives to give a flavour of the speech and emphasize more on the progress and challenges in Indonesia. I would like to highlight that the progress so far is due to the joint efforts of relevant authorities and the support from the industry.