As I will argue in the next few minutes, we should not consider the financial crisis as something fading quickly away, its aftermath will most probably stay with us for several years. Let me put it another way, my impression is that the crisis clearly changed the rules of the game for countries with the intention to converge to Western-European income levels.
This road will be much bumpier compared to what it seemed from the past, therefore it requires a very conscious strategy in policy making. In the next few minutes I would speak about four interrelated topics. First, I sketch the new rules of the game in the post crisis world. Second, monetary policy options and macroprudential challenges in the years ahead will be outlined.