Much concern has been shown to the high savings ratio in East Asia and oil-producing countries and the low household savings ratio in the U.S. Some believe that the high savings ratios in these countries are one of the major reasons behind global imbalance and the current crisis.
*  *  *  Ladies and Gentlemen, When I accepted the invitation to talk about challenges for monetary policy at this distinguished forum, I was not aware that I would be confronted with a challenge before even starting to talk. In this panel, we are three speakers from the Eurosystem: Governor Klaus Liebscher, Governor Matti Vanhala and myself.