6 The success of monetary policy should be judged by the  6  I have argued elsewhere that we need to find ways to increase our long-term growth and spread that prosperity broadly if we are to avoid this “low growth trap.” We need policies that support business investment, labor force participation, and productivity growth.
In a wider context, the CBB is an integral part of the global financial regulatory community. During the last four years that community has had to respond to many shortcomings which initially became apparent following the collapse of Lehman Brothers, and which were exacerbated by the consequences of imprudent lending, high-risk investments, and the liquidity crisis.