If a large share of society tends to underestimate the perils of low inflation, then there is the risk of a gradual loss of support, trust and confidence in the actions of central banks. This risk is particularly acute if the actions are as far-reaching and complex as they have been over the past decade.
We need to harness these sources of growth while increasing opportunity for all our citizens. Brazil is showing the world how. Thank you. 9  Bank of Canada (2010), Report on “Strengthening International Capital and Liquidity Standards: A Macroeconomic Impact Assessment for Canada”. See also M. Carney, “Bundesbank Lecture 2010: The Economic Consequences of the Reforms,” speech delivered in Berlin, Germany, 14 September 2010.