I am very grateful as well to Professor Yeongseop Rhee, Director of the SNU Institute for Research in Finance and Economics, and his staff, for their efforts in so thoroughly preparing this conference. Recent inflation conditions The global economy has been emerging recently from a long-term economic slowdown, as economic conditions in both advanced and emerging market economies are now improving.
This is assessed as due in large part to the active and bold monetary policies to achieve economic recovery pursued by the world’s central banks, which have been often referred to as ‘The Only Game in Town.’ When we look at inflation, however, we find that it has not emerged from its much reduced level seen since the global financial crisis.