Put simply, if robots can deliver the same output more cheaply, more efficiently and closer to the consumer, then firms may have fewer reasons to spread production across countries. By some estimates, the average price of industrial robots has declined by about 40% over the past ten years and is projected to fall considerably further.
In an environment of low inflationary pressures and aiming to bring inflation back within the target tolerance band in a sustainable manner, which is over the medium term, and not in the short run or at any cost, we have continuously eased our monetary policy stance over the past three years.