It is also due to their unprecedentedly bold and active monetary policies to support the recovery. Central banks are now working to normalize the post-crisis policies. The environment for monetary policy has also changed significantly from the one prior to the crisis.
In this differing environment, therefore, we have inevitably come to a position to consider how to perform our existing roles, as well as whether there are any new roles demanded to us. Let me start by talking about some of these changes in the monetary policy environment facing many central banks today, and about the policy concerns arising from them.