Some of the change is favourable, some is confronting. On the favourable side, we have low and stable inflation, low unemployment, and broad financial stability. This advantageous position must never be taken for granted. I thank all of the wise people – past and present – who have worked hard on creating the current environment.
BIS Review 55/2009  o  The effectiveness of quantitative easing would be judged in the first instance by a change in the yield curve and more generally by movements in broader financial conditions. o  That of credit easing would be judged by reductions in risky spreads and increased issuance activity.