BIS central bankers’ speeches  1  A variety of models and statistical approaches suggest that the current level of short-run r* may be close to zero. Moreover, the level of short-run r* seems likely to rise only gradually to a longer-run level that is still quite low by historical standards.
Therefore, as I have emphasized several times in the past, it is essential for the Bank to boost the effectiveness of its communication strategy by explaining more clearly to the public and the market why it aims to achieve the 2 percent target and how this will improve people’s lives in the medium to long term.