The main themes of our deliberations this year have been a continuing favorable outlook founded on strength in the household sector, with a few yellow flags including muted inflation and weakness in manufacturing. In addition, global growth and trade have presented ongoing risks and uncertainties. We also faced some less prominent factors that always confront policymakers.
We are now well aware of the challenges the ELB presents, and we have the painful experience of the Global Financial Crisis and its aftermath to guide us. Our obligation to the public we serve is to take those measures now that will put us in the best position deal with our next encounter with the ELB.