We will therefore need to develop mechanisms for hold each other accountable for the commitments we make. 3. Some observations on the T-20 topics under discussion  Allow me to now make some comments on two issues that are in the domain of central banking but relate quite closely to some of the topics that you are discussing at this conference.
If monetary policy had not reacted to the decline of the natural rate of interest, price stability would have been at risk, and the situation in the financial sector could be worse than it is now.