That’s why it’s essential that the labour market and the goods and services markets work well. The Bank for International Settlements is worried about risks caused by monetary policies that are too accommodative. What’s your reply to that? Our main objective is to ensure price stability. The financial crisis has created deflationary risks.
Our monetary policy measures have played a key role in the economic recovery, which is necessary for inflation to gradually return to levels in line with our objective. The question is knowing whether the central bank has gone too far in its monetary policy easing. Now that the gap between growth potential and real activity is narrowing, have we accomplished our mission?