BIS central bankers’ speeches  1  For example, if it is considered that the crisis has had a limited effect on both the level and potential growth rate of the economy, the output gap will be estimated to be very large and the risks of deflation may be considerable.
The  10  See Jaime Caruana, “Ebbing Global Liquidity and Monetary Policy Interactions,” Speech at the Central Bank of Chile Fifth Summit Meeting of Central Banks on Inflation Targeting: “Global Liquidity, Capital Flows and Policy Coordination,” Bank for International Settlements, 2013.