Are we compensating ourselves and others on the basis of contribution, or are we taking advantage of our positions?” Ultimately, of course, markets correct their excesses, and in this context “markets” include both the public and private sectors. Obviously, during the past year we’ve seen reactions not only from investors and creditors, but also from lawmakers and regulators, to observed failures within corporate boardrooms.
But monetary accommodation is still needed – including net purchases under the APP and our forward guidance on interest rates – for inflation to stabilise at our two per cent inflation target over the medium term. We are now ready to take your questions. 4/4  BIS central bankers' speeches