1/2  BIS central bankers' speeches  Across the world, we see considerable amount of ongoing discussion about how central banks should respond. Hoping to see a similarly valuable discussion in this conference, I would like to make a few remarks. First of all, we will have to find ways to keep monetary policy effective even in this new environment.
When central banks in advanced economies saw policy rates reach the zero lower bound, they mobilized a variety of unconventional measures. We yet need further research that details the conditions for successful large-scale asset purchases, forward guidance and negative interest rates, as well as their long-term effects.