Although inflation expectations so far seem generally contained in many countries, appropriate monetary policy designed to achieve price stability and sustained economic growth is becoming increasingly important. III. The conduct of monetary policy from a medium- to long-term perspective  Next, I would like to take up the recent disruptions in global financial markets stemming from the subprime mortgage problem in the United States.
Although recent events could be considered from various points of view, I think they were intimately related to the benign conditions of the world economy and financial markets that continued for many years under economic globalization, as I have just described.