The letter is structured as follows: Part I provides the context of domestic and global developments and gives a brief overview of trends in monetary policy. Part II focuses on some areas of concern, listed in the text below, and readers seeing this on the website can navigate to the issues of interest to them.
Part III highlights the main developments of the past year. Keeping in line with past practice, issues are discussed in greater detail in the links at the end of the relevant paragraphs.