Let’s talk about risks  At the start of our conference, my colleague Hermann Remsperger cited the famous words of Chairman Greenspan that uncertainty is the defining characteristic of the monetary policy landscape.1 This characterization is particularly adequate that it is worth repeating.
In the same speech, the Fed Chairman also emphasised that “monetary policy in the last two decades has been operating in an environment particularly conducive to the pursuit of price stability.” Indeed, the degree of price stability achieved in industrialised countries as well as in emerging markets seems to be unparalleled in recent history.