-8lower than that today and will only return to its longer-run value over time. 12 One important implication is that today’s low rates are not as stimulative as they may seem-consider that, despite historically low rates, inflation has run consistently below target. Monetary Policy amid Uncertainty I’d like to turn now to monetary policy.
Secondly the media - the fourth estate - is lively and maturing too. Public officials and private executives are closely scrutinised to check on their performances and good corporate governance standing in order to move the country forward. The media questions and exposes. Sometimes their approach is certainly questionable but on the whole they are making a good contribution to our society.