So, if history is any guide, a multi-polar system could well become a reality once again. [13] 3 / 18  BIS central bankers' speeches  On the prospects for a multi-polar monetary system, see also Bénassy-Quéré, A. and Cœuré, B. (2010), “Le rôle international de l’euro : chronique d’une décennie”, Revue d’économie politique, Vol. 120, pp. 355–377.
It is only a week before the first year of the new Reiwa era comes to an end. Today, in wrapping up 2019, I would first like to take a look back at this year's economic developments at home and abroad and talk about the Bank of Japan's conduct of monetary policy.