3  Athanasios Orphanides and John Williams (2005): “Inflation Scares and Forecast-Based Monetary Policy”, CEPR Discussion Paper Series No. 4844. 4  Vitor Gaspar, Frank Smets and David Vestin (2005): “Monetary Policy under Adaptive Learning”, ECB, mimeo, available at http://econ.ucsc.edu/~walshc/Workshop_Program_links.pdf. In early 2001 the ECB started an easing cycle.
This meeting is taking place at a particularly challenging time for global financial markets. I very much hope that the surroundings in Athens will provide inspiration for an especially successful meeting. Ladies and gentlemen, thank you for your attention. 4  BIS Review 45/2008