In particular, I would like to address an issue that has been much in focus—the decline in long-term interest rates—highlighting the role of monetary policy in contributing to that decline and the implications of that decline for the conduct of monetary policy.
Although the level of interest rates after such a change of policy framework will of course depend on developments in economic activity and prices, an accommodative financial environment is likely to be maintained, as long as upward pressure on prices continues to be contained and the economy follows a sustainable and balanced growth path.