Nonetheless, interest rates play a crucial role in all modern economies9; monetary policy is an important driver of these rates; and the process of policy transmission affects how these decisions reach into the economy, ultimately affecting all of us. I hope, therefore, it has been interesting and useful to you to reflect on our reforms in this area. Thank you. 7  Jaime Caruana.
“Unconventional monetary policies in time of crisis” SUERF Annual Lecture. 16 November 2009. Available at: https://www.bis.org/speeches/sp091118.htm 8 Philip Turner. The New Monetary Policy Resolution: Advice and Dissent. NIESR Occasional Paper. No. LV. 2021. Available at: https://www.niesr.ac.uk/wp-content/uploads/2021/02/New-Monetary-Policy-Revolution.pdf 9 A recent reiteration of this point is Jamie Dimon. “Chairman and CEO letter to shareholders” JP Morgan Chase and Co. Annual Report 2022.