Second, in choosing long-term objectives, appropriate consideration is given to the type of policy framework that will raise our living standards over the longer run. The longer-run outcome should be more than the result of a series of ad hoc short-run decisions aimed at economic fine-tuning.
In his New Year’s address, the French President declared that “ultraliberal capitalism is 7/8  BIS central bankers' speeches  nearing its end”. This is something of a prophecy, and a little difficult to understand. What does it mean to you? I don’t want to try to interpret the words of the French President.