* * * Ladies and gentlemen,  Introduction I am honoured to be here today and have the opportunity to share my thoughts on the lessons from the international financial crisis.
Thus there is probably less and less of theory that one could responsibly commit monetary policy to. Fortunately, as we take on board all these vagaries, at the same time we seem to be getting rid of some inconvenient ballast that perhaps looked a little bit too conspiratory for comfort, namely the notion that unanticipated policy may reduce real disturbances. What a relief.