6  BIS Review 35/2008  edges have been introduced, subsequent changes in the central bank's policy framework and communications have tended to soften the edges of the inflation band. The experience of New Zealand is particularly instructive in this regard.
His contributions to the debates were always extremely insightful, based on excellent research of his own and his network, but they also highlighted the political constraints and relevant issues surrounding real-world policy decisions. And, like others on this panel, I have learned a great deal from Richard during our work for the European Systemic Risk Board.