Second, we must act locally, within our own hemisphere, to help our neighbours to see that integration into the global economy is in everyone's interest. Neither of these tasks will be easy. They will require patience and persistence. And along the way, we will encounter governments that are more inclined to withdraw from the process than to engage with the global economy.
2  BIS central bankers’ speeches  In light of Japan’s experiences, anchoring long-term inflation expectations at near-target levels is definitely a prerequisite for a resilient monetary policy framework. As mentioned earlier, the Bank, with its commitment to achieving the price stability target of 2 percent, is currently undertaking QQE with a Negative Interest Rate to overcome deflation.