We still know too little about the way expectations determine macroeconomic outcomes, and there are wide research avenues which I am convinced you will staunchly continue to explore. While in a learning mode, we need to be vigilant.
Any temptation on the side of central banks to relax their determination in responding to potentially inflationary developments would be a threat to their credibility and could undermine the progress made on the control of inflation over the past two decades. I thank you for your attention. 6  BIS Review 142/2007