So many of you may think that you have earned a train ticket for a smooth journey to the place you are destined to go: Success. Is it so? 3. I am not sure if I know the answer, but let me depict a different scenario for you to think about. Let’s say you have a train ticket that would enable you to go through the admission gate of the train station and reach the train platform. When you are there you immediately realise that there are many trains waiting to depart. Your ticket doesn’t really tell you which train you should board and the signs on the trains are not clear either. So you will have to decide which train you should get on, without knowing whether this particular train is indeed the right one that can take you to your desired destination. But this is not the worst part. When you get on the train, you find that there are already lots of people there and that there is no seat assigned to you. All the window seats have been occupied. So you have to struggle to find a seat for yourself. And this is not the end of the story. 4. After you have settled down on your seat and begin to feel comfortable, you would expect or hope for a smooth and swift journey to your final destination: Success – however you define it. To your big surprise, this is not what it is going to be.
5 Richard H. Clarida, Vice Chair of the Board of Governors of the Federal Reserve System, The Federal Reserve’s  Review of Its Monetary Policy Strategy, Tools, and Communications Practices , speech delivered at the Federal Reserve Bank of Minneapolis, April 9, 2019. 3/3  BIS central bankers' speeches