There are, needless to say, both upside and downside risks associated with the outlook for prices, just as for economic activity. The upside risks include an upswing in commodity prices caused by stronger-than-expected growth in emerging economies. On the other hand, price developments could deviate downward from the outlook if pessimism among the public spreads due to a slower-than-expected recovery of the economy.
A decline in the medium- to long-term inflation expectations of various economic entities could trigger a fall in the actual inflation rate. Thus, risks associated with price developments require careful monitoring. II. Measures taken by the Bank  Next, I will elaborate on the Bank’s policy measures since the start of the recent global financial crisis. A.