While progress on those commitments has been slower than many would have liked, a lot has been achieved. In my talk this morning, I would like to review what has been achieved so far, highlight some of the key considerations in implementation, and look ahead to some of the work that remains to be done.
In the decades before the 2008 financial crisis, the policy pendulum swung strongly to price stability as the goal. Inflation rates dropped dramatically. Some central banks were even asking for a little higher rate of inflation to grease the growth process.