I recall few, if any, who a decade ago saw that outcome as having a significant probability. While outright deflation is still comparatively rare, inflation being a bit too low relative to announced objectives seems to be not uncommon.
2/3  BIS central bankers' speeches  Let me conclude by posing the question: what will the international monetary and financial system look like in 2043, when the Central Bank of Ireland celebrates its centenary? No doubt, this question will be settled by the end of this afternoon’s symposium.