Negative Effects of Excessively Low Long-Term Inflation Expectations Let me elaborate. The more fundamental lesson we learned was that central banks should not allow long-term inflation expectations to decline to excessively low levels. Central banks can lower excessively high long-term inflation expectations because of the credibility they have earned through the past achievements.
Colleagues, before concluding let me highlight the more urgent work programme for the Council in the short to medium term. First, is publication of the Financial Stability Report, as an anchor publication, providing accountability in the areas of assessment of financial stability risks and mitigation  measures.