The decision is also intended to demonstrate and confirm our strong and unequivocal commitment to achieve the price stability target. As we just heard from Governor Noyer, the European Central Bank has stepped up its monetary easing.
BIS central bankers’ speeches  1  While this is a significant shift in the balance of economic activity in the world, we need to also remember that we are witnessing a return to the situation that persisted for most of the past two millennia.