With respect to the meaning of price stability, the Bank clearly stated in a specific expression that “on the basis of a year-on-year rate of change in the CPI, it falls in a positive range of 2 percent or lower, centering around 1 percent”. The Bank calls the expression “understanding of medium- to long-term price stability”.
This conference and the day-to-day smooth running of the journal couldn't be accomplished without the editorial team at the BIS and the Board of Governors as well as Kommaly Dias and Grace Chuan from my staff.