10  BIS Review 145/2009  Table 2 Economic growth, current account and inflation (annual change, percentage) 2007  2008  2009 (f)  2010 (f)  GDP  4.7  3.2  -2.0 to -1,5  4.5 to 5.5  Domestic demand Domestic demand (w/o change in inventories) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports  7.8 8.2 12.0 7.1 7.6 14.9  7.4 7.9 19.5 4.2 3.1 12.9  -6.2 -3.5 -12.9 0.0 -4.7 -13.8  6.7 3.7 7.4 2.5 4.9 9.0  Current account (% of GDP)  4.4  -2.0  1.9  1.2  CPI inflation December CPI inflation CPIX inflation December CPIX inflation CPIX1 inflation December CPIX1 inflation  4.4 7.8 4.0 6.3 4.1 6.3  8.7 7.1 8.4 8.6 7.8 7.7  1.7 -0.8 2.8 -1.2 2.8 -0.6  1.5 2.8 1.0 2.6 1.2 2.6  (f) Forecast. Source: Central Bank of Chile. BIS Review 145/2009  11
And I am fairly certain that this is to a great extent due to the fact that we have purposefully worked to attain greater openness and clarity. This provides prerequisites for evaluation, accountability and thus creates legitimacy. All of these factors have contributed to winning confidence in our monetary policy. But the process does not stop here. It is not possible to "rest on one’s laurels” when one works with monetary policy. No, we must keep on adapting to new requirements; we must develop and refine our methods. One expression of this is that we have recently made several changes to become clearer and more efficient in our communication. The fact that we always have these ambitions is something that the general public and our principal, the Riksdag, as well as agents in the financial markets can demand of us. Thank you! BIS Review 62/2007  7