2  BIS Review 21/2004  Graph 3  I have not spent a great deal of time on outlining these developments, but I think we can agree that there does appear to be a contrast between, on the one hand, a reasonably buoyant world economy and confident financial markets, and on the other hand, an exceptionally expansionary setting of macro-economic policies.
Looking ahead, we will continue to monitor developments and  - 10 assess how our ongoing asset purchases can best support achieving our maximumemployment and price-stability objectives.