Inflation has been restrained, in part, by the margin of slack in labor and product markets that has persisted through much of this period. Another reason for this favorable outcome is that longer-term inflation expectations remain well contained.
I am confident that the deliberations at this two-day seminar would provide you valuable insights into the relevant issues to enable a smoother migration to the new framework. I wish the deliberations at the seminar all success. Thank you. BIS Review 108/2007  7