And there is the challenge of doing so while keeping inflation expectations stable. Nevertheless, I believe that the FOMC will find practicable ways to normalize the Fed’s balance sheet. I believe that practicable ways will be found to avoid inflationary pressures once the velocity of money returns to precrisis levels. I certainly believe that continuing to pare back on the amount of the Fed’s large-scale asset purchases is a good start and should be continued at a measured pace that leads to their complete elimination as soon as is practicable. And I believe that as the tide of easy money recedes, Mexico stands ready for the next phase. Unlike other emerging market nations, Mexico seized the opportunity to make some tough decisions and is more resilient and globally competitive as a result. Macroeconomic stability, openness to trade and a unified commitment to confront rather than run from market forces indicate that the Mexican economy is no longer an emerging economy; it has emerged. For this man who spent his childhood in Mexico and feels Mexican, this is one of the most gratifying developments of my lifetime. So that’s why I say, ¡Ándale pues, México! BIS central bankers’ speeches  7
By focussing on a clear set of research priorities, by opening up our datasets, and by creating tighter links between policymakers and researchers, both within the Bank and across the broader research community, we can all help advance the Bank’s mission – promoting the good of the people of the United Kingdom. Thank you. BIS central bankers’ speeches  5