Indeed, even after reviewing a  2  BIS central bankers’ speeches  number of measures of the underlying trend in inflation, I find it difficult to identify a single measure that doesn’t show that inflation has drifted steadily lower. At the same time, longerrun inflation expectations still appear to be stable.
What I want, here and now, is to clearly disabuse people of the notion that a completely new standard is being introduced. Of course, what is being asked of institutions is significant and by no means negligible. However, all outstanding reforms are based on the existing regulatory framework and take it a step further.