If the term "normalization" is being used to imply that interest rates are adjusted toward a particular so-called "neutral" level in line with a predetermined schedule, then we should make clear that we have no such intention.
This environment is conducive not only because of its disciplining effects on both debtors and creditors, giving them a clear and credible framework within which to act. It is also a key ingredient of the overarching architecture: because in a market environment, if individual action is not matched by individual liability, the rules can hardly be deemed sustainable.