BIS central bankers’ speeches  3  expect our economy to grow its way out of federal budget imbalances without significant adjustment in fiscal policies, a more productive economy will ease the tradeoffs faced by fiscal policymakers. Thank you. I would be glad to take your questions. 4  BIS central bankers’ speeches
1. Firms' cautious wage- and price-setting stance 2. Sluggish increase in households' tolerance of price rises 3. Intensifying competition 8  Chart 9  II.