Estimations across all sectors indicate that the shock to aggregate demand played a dominant role in determining changes in prices on the whole, with prices being pushed down. These findings should however be treated with some caution as they are based on a number of assumptions.
Central to this is to work much harder on prudential supervision, to create a set of rules which is both feasible of application and thoroughgoing in keeping the banking system as a whole safe. It is a formidable task, which will take dedication and the persistent application of common sense. I wish them well. 3  BIS Review 131/1999