3  Marco Del Negro, Marc Giannoni, and Christina Patterson, “The Forward Guidance Puzzle,” Staff Reports 574, Federal Reserve Bank of New York, 2012. BIS central bankers’ speeches  3  by theory.
In particular, public finances should have sufficient room for manoeuvre in order to better cope with the expected substantial increase in age-related public expenditures. Moreover, wage settlements need to remain moderate, taking into account labour productivity growth, labour market conditions and developments in  2  BIS Review 7/2008  competitor countries.