However, against a backdrop of European fiscal problems including those in Greece and Ireland as well as heightened uncertainty about the future of the U.S. economy, there have been phases in which financial markets have become unstable again since the spring of 2010.
Time lost to labour disruptions has decreased, the length of union contracts has increased, and the unemployment rate has fallen to a 30-year low. So that's the big picture, and it's a favourable one. I'd like to say a few words now about the current situation – how we've done recently in pursuing our monetary policy objective.