BIS年次リポート・金融政策パートの結論部分

メルマガ解説（BISビューの増長？不幸の金融政策）の補足資料用
http://foomii.com/00016
http://magazine.livedoor.com/magazine/26
踏み込み過ぎの主張＆少し方向も違うと思う。

Summing up

In the current monetary environment, policymakers face several daunting
challenges. The increase in the size and complexity of central bank balance
sheets resulting from unconventional monetary policies and foreign reserve
accumulation creates risks that, if left unchecked, could eventually impact
monetary policy credibility. At the same time, soaring commodity prices have
pushed headline inflation rates up to uncomfortable levels in many economies,
while tighter capacity constraints have heightened the risks of second-round
inflation effects. These increased upside risks to inflation call for higher policy
rates, but in some advanced economies this still needs to be balanced against
the vulnerabilities associated with continuing private and public sector balance
sheet adjustments and lingering financial sector fragility. However, the prolonged
period of very low interest rates entails the risk of creating serious financial
distortions, misallocations of resources and delay in the necessary deleveraging
in those advanced countries most affected by the crisis. Moreover, some
emerging market economies show signs of a renewed build-up of financial
imbalances.
Tighter global monetary policy is needed in order to contain inflation
pressures and ward off financial stability risks. It is also crucial if central banks
are to preserve their hard-won inflation fighting credibility, which is particularly
important now, when high public and private sector debt may be perceived as
constraining the ability of central banks to maintain price stability. Central
banks may have to be prepared to raise policy rates at a faster pace than in
previous tightening episodes.