Even though Newtonian mechanics held intellectual sway for nearly 250 years, we now know that the physical universe is not as deterministic as implied by Newton’s laws. Newtonian physics does not work at the extremely small scale where we need quantum mechanics and at the extremely large scale where we need the relativity theory.
I would like to thank you very much for your time this morning, and I am happy to answer questions. BIS central bankers’ speeches  9