13 But insofar as the probability of default usually rises sharply in a business cycle downturn, it must matter that the size of year-to-year fluctuations in economic activity is half what it once was. And the value of re-attaining virtual price stability around the world, dramatically reducing one source of uncertainty over the future value of nominal claims, should not be underestimated.
Thank you for listening. 2  BIS central bankers’ speeches