10 This result undoubtedly reflects structural changes in the economy, such as greater energy efficiency in production and consumption and more flexible labour markets. The empirical evidence also suggests, however, that the enhanced credibility and the greater transparency of monetary policy have been key in cushioning the inflationary impact of oil shocks.
Ladies and Gentlemen: With my remarks, I have only been able to scratch the surface of the problems involved. At the moment, I see a certain tendency in some parts of the world to turn back the hands of time.