In all likelihood, this path will involve continued support from accommodative monetary policy for quite some time. Meanwhile, financial regulators around the world are engaged in a historic and sweeping renovation of the global financial architecture. The scope of this global regulatory project is enormous, and I will touch on only a few of its elements.
Given the trends I have mentioned and the benefits of greater transparency, people sometimes wonder why central bank transparency has evolved as slowly as it has and why some central banks do not take additional steps to talk more - especially about what they see coming in the future.