2/5  BIS central bankers' speeches  How can we advance this? Through continued development of the capital market, particularly by increasing the level of sophistication of the market, which will enable the informed application of financial instruments that must be developed to advance the credit market.
From the end of World War II alone, the price index has increased by a factor of ten. With such a track record, it is hard to accept that deflation should be the world’s dominant concern. Conclusion Central bankers must look to the long run. If current policy remains in place, we almost certainly will stimulate the growth of asset values and inflation.