The anti-inflationary thrust of monetary policy became unavoidable to contain inflation and anchor inflationary expectations. Table 1 Post-crisis as growth recovered inflation picked up  2  BIS central bankers’ speeches  In the fourth phase, softening of inflation created space for monetary easing. However, growth is yet to pick up reflecting both weak global demand, domestic supply constraints and slowdown in corporate investment.
Progress is therefore being made in the regulation of financial markets, both at an European and a global level. But a great deal remains to be done to ensure the individual elements come together to form a cohesive system. 4. Summary  Ladies and gentlemen Despite imbalances, Germany is now in better shape than it was ten years ago.