The implication is that the rise of the services sector has measurably lowered the median frequency of price changes in the economy and, therefore, the response of inflation to changes in demand and monetary policy in the short term, as you can see on the left-hand side of my slide.
This situation, if had no action been taken, would have deteriorated further. The world economy has accumulated various imbalances in the past several years, and adjustments to correct them are inevitable. Nevertheless, we must prevent further adjustments or turmoil that may be triggered by some shocks.