So the most prudent assumption to make might be that the terms of trade will be persistently higher than they used to be, by enough that we will need to accommodate structural change in the economy, but not by so much that we shouldn’t seek to save the bulk of the surge in national income occurring in the next year or two, at least until it becomes clearer what the long run prospects for national income might be.
But we will get there. By working through this difficult phase, we will get back to price stability with sustained economic growth, which benefits everyone. With that summary, Senior Deputy Governor Rogers and I are now pleased to take your questions. 2/2  BIS - Central bankers' speeches