The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website. *  *  *  Last month I had the pleasure of meeting with someone very well known to this audience but not so well known to Americans generally: Dr. Muhammad Yunus.
The current economic climate is unquestionably making monetary policy action very difficult. Low growth, high unemployment and very low inflation rates call for a very accommodative monetary policy in order to ensure price stability over the medium term. The ECB has been meeting this demand for quite some time.