That growth was driven in part by factors that can’t be repeated – the deregulation of the financial system in the 1980s, and the transition to low inflation in the 1990s. In the post-crisis environment, borrowers and investors are more cautious than they were, both at home and abroad.
We are confident that that is going to happen. 5/6  BIS - Central bankers' speeches  We are hoping that a combination of these four medicines will help us achieve a targetconsistent path of inflation, hopefully with the least amount of output loss. Another option is we increase the size of our borrowings from you, which will actually reduce liquidity.