set up in 1998, defines price stability in terms of the year - on - year increase in the harmonised index of consumer prices and relies on a reference value for monetary growth. the bank of japan adopted a new monetary policy framework in 2006. it publishes an inflation rate that reflects the policy board members'understanding of medium - to long - term price stability. in line with this understanding, we examine the most likely outlook and assess risks most relevant to the conduct of monetary policy, which we call the two - perspective approach. in november 2006, the fed published a series of measures aimed at enhancing its communication strategy. one of them consisted in extending the economic and price forecasting horizon to three years. a three - year inflation forecast shows the inflation rate that the federal open market committee considers consistent with the objectives of the fed, i. e. price stability and maximum employment. these frameworks were devised by taking account of other countries ’ experiences and retaining the most suitable elements for their own economy. i believe that, in this area, central banks will increasingly draw on the experiences of other countries. countries share the same understanding of problems but at the same time stick to their uniqueness when taking decisions. this holds true in the area of monetary policy but also in numerous other areas within the evolving field of international relations. as in the case of art and gastronomy, which i talked about at the start of my speech, mutual influences lead to new innovations and blur borders through mutual understanding. this does not mean that we lose our uniqueness. in today ’ s conference, we will take a look at the economic and financial growth patterns of both france and japan and examines in - depth the economic problems with which each country is faced in the context of globalisation. i hope that it will give rise to a better mutual understanding of both economies and foster further emulation. thank you very much for your attention.

estimates about 60 per cent of the increase in world trade in the recovery has been brought about by the rapidly growing demand from emerging countries, especially for capital goods and consumer durables. the surge of those exports has been an important contributor to the recovery in high - income countries, in particular in germany 4. in order to help transform the aftermath of the crisis into an opportunity it is necessary to proceed now more than ever to the structural reforms already envisaged by enzo grilli in a number of articles. reforms capable of enhancing high and sustainable growth rates in developed as well as in developing countries, which may also be conducive to rebalancing of domestic absorption in deficit and surplus countries, most notably us and china. 5 he emphasized accumulation of human capital, education and research & development as essential elements to raise countries ’ productivity and to drive endogenous technological change. in his analyses enzo devoted much attention to china. to sustain high growth rates, china should move, he argued, on to a new development phase where accumulation of human capital would outpace that of physical capital. in the process a desirable rebalancing of the supply side of the economy ( from manufacturing to services ) would be coupled with a parallel development on the demand side ( a rise in workers ’ incomes and in public and private consumption ) 6. enzo was also a passionate communicator. whether in an ifi ’ s boardroom or in a classroom he liked to establish a dialectic exchange with his interlocutors. it was only natural for him to “ ritrovare la spinta del mercato ”. il sole 24 ore, november 12, 2005. world bank “ global economic prospects ”, january 2011. see for example “ sugli usa il peso di tutta la crescita ” ; il sole 24 ore, april 20, 2006. “ cina : la corsa e il rischio di una brusca frenata ” ; il sole 24 ore, september 5, 2006. bis central bankers ’ speeches extend his audience through a regular collaboration with the main italian newspapers, and since 2002 as a regular contributor to il sole 24 ore. for over a decade he engaged in a dialogue with the public opinion, a fact that, following the example of luigi einaudi, was only common to a handful of italian policymakers and academics. the word “ dialogue ” truly characterizes his newspapers contributions both for their frequency, almost monthly in