5 / 12  BIS central bankers' speeches  Conclusion In closing, I would like to commend the Federal Reserve Bank of Boston for organizing this conference and fostering research and debate on questions vital to our understanding of the economy.
Non-standard measures need to be phased out to the extent that they are no longer needed to support the functioning of the transmission of monetary policy to the economy; we must make sure that liquidity support to the economy is maintained as long as appropriate; but also that we do not sow the seeds of future imbalances and create addiction to our liquidity.