In addition, it explicitly committed to continuing with the zero interest rate policy “until deflationary concern is dispelled.” While the impact of that policy was called the policy duration effect at the time, the policy is based on the same idea as what later was to be called forward guidance, in that it enhances monetary easing effects by guiding the future policy path.
Conclusions  Ladies and gentlemen, As I said at the beginning of my remarks, the centre of gravity of the global economy has been shifting westwards over the last four hundred years, from Antwerp to Amsterdam, from Amsterdam to London, from London to New York. The world economy is changing constantly.