-7organically, unwinding the policy smoothly and predictably. This approach should avoid some of the tantrum dynamics that have led to premature steepening of the yield curve in several jurisdictions. 8 Today’s low-inflation, low interest rate environment requires not only new recession-fighting tools but also a new strategy to address the persistent undershooting of the inflation target—and the risk to inflation expectations—well before a downturn.
*  *  *  Dr. Achim Steiner, Executive Director, UNEP; Mr. Manuel Moses, Regional Head, IFC Africa; Distinguished Participants; Ladies and Gentlemen: It is my pleasure to welcome you to this convening together with my co-host, Dr Achim Steiner. My thanks go to Dr. Steiner and Mr. Manuel Moses for putting together this forum.