Regarding «fine tuning» I do not follow the paper in trying to keep open the possibility of Central Banks becoming somewhat bolder in pursuing it. In general, the arguments to be usually prudent in rate decisions rest on the pervasive uncertainty that constitutes the background of monetary policy. We have data uncertainty, parameter uncertainty and model uncertainty.
In my remarks this morning I would like to highlight three specific questions that are suggested to me by the conference title and papers. These questions are: i. How can we make our financial systems more resilient, particularly in a world in which capital flows easily across borders? ii.