Our job as monetary policymakers is to try to ensure that the adjustment is not too jarring. But there has been pain. Many investors are understandably unhappy at their loss of wealth. So much of what had been accumulated in a few years has quickly disappeared, almost as mysteriously.
Only by doing so can we contribute to sound economic development and gain even greater public trust. To this end, all members of our Bank’s staff should work to strengthen their expertise, by striving to develop themselves and to fully exercise their potentials.