evenly across the private sector. but i suspect that we have to dive down into the data to get a more disaggregated picture than we, as macroeconomic policymakers, usually need. i am glad to say that my colleagues ben broadbent and martin weale are now working with bank staff on just that. while we cannot yet tell whether a clear message will emerge, it is the kind of work that is needed when the real economy is undergoing a degree of structural change. policy the uneven and unavoidably difficult path for rebalancing in the real economy makes it harder than usual to read the signals of cyclical conditions. but, by the same token, our monetary accommodation can help to ease the costs to firms and households of adjusting. by smoothing the path of aggregate demand, the impact on capital resources and on human livelihoods can be limited somewhat. in the committee ’ s latest forecasts, the central projection is for inflation to be under the 2 % target in two - to - three year ’ s time. but it also has inflation rising back towards target through that period as monetary stimulus gradually helps the economy to achieve escape velocity, reducing slack in firms and the labour market. given the ferocity of the shocks that have already hit the economy, and the pervasive uncertainty that persists about global economic and financial conditions, these are circumstances where taking longer than usual to reachieve the 2 % target is warranted. it will help to mitigate the risks of the economy ’ s supply capacity being impaired. but that is to look ahead to the most likely path of inflation in a year or two. in the meantime, inflation is uncomfortably high, and an absolute precondition for maintaining our support to demand is the credibility of monetary policy. over the next few quarters, the committee ’ s most important judgment call will be put to the test. we will all discover whether inflation declines rapidly from 5 % towards 3 % as the effects of the price level shocks wane. finally, let me stress that the gloom should not be overdone. the record is that flexible economies with sound macroeconomic regimes recover from almost any crisis. the uk will recover. meanwhile the mpc will continue to underpin demand, consistent with getting back to the 2 % inflation target and so with sound money. bis central bankers ’ speeches

- - that consequently led to improvement in business efficiency as a result of measures implemented in the process of promoting women's participation in the workplace, such as redressing of long working hours and labor - saving investment. it may seem that redressing of long working hours spurs labor shortages. however, the annex in fact presented an example of efforts made by firms in which they eliminated tasks that fell short of being necessary, as a result of the fact that working hours were forcibly shortened and there was no choice but to reduce the amount of work. c. opportunity to increase the economic growth potential i would like to highlight again that, at present, not only are firms facing the challenge of labor shortages, but they also have more opportunity to take advantage of such information technologies as ai and the iot. in other words, there is an environment in which firms are encouraged to reform their business models. one option for firms at this time is to aim at starting a business revolution by using women's participation and advancement in the workplace as a driving force, as this momentum is increasing, due in part to the government's support that i mentioned earlier. 1 the oecd estimates the effects of womena€™s labor force participation rate on labor supply under the two scenarios based on the following assumptions : ( 1 ) the labor force participation rates for both men and women remain constant from 2011 to 2030 at the rates observed in 2010, and ( 2 ) the labor force participation rate for 5 / 6 bis central bankers'speeches men stays the same from 2011 to 2030 at the rate observed in 2010 while that for women gradually increases from 2011 to 2030, reaching the 2010 rate for men by 2030. for details, see oecd ( 2014 ), japan : advancing the third arrow for a resilient economy and inclusive growth, oecd publishing, paris. dx. doi. org / 10. 1787 / 9789264215955 - en. 2 the annex to the regional economic report is available only in japanese. 6 / 6 bis central bankers'speeches