In that case, new forward guidance would not be required, as the reaction function would have already notified the public what to expect. BIS central bankers’ speeches  5  because doing so allows the economy to efficiently use resources given the economic disturbances that it experiences.
Ms. Martha Beck, a well-known American author, once said that “Any deep crisis is an opportunity to make one’s life extraordinary in some way”. Indeed, this once-in-a-lifetime crisis requires extraordinary responses. It is, therefore, a privilege and an inspiration for me to be among leaders and promising young bankers who have chosen to be extraordinary, while operating in this difficult environment.