i see no reason to depart from the pre - crisis framework. thank for your attention. 1 see, for example, r. w. dimand ( 2007 ), irving fisher and financial economics : the equity premium puzzle, the predictability of stock prices, and intertemporal allocation under risk, journal of the history of economic thought, 29, pp. 153 – 166. 2 the framework was mainly in accordance with the international consensus among central banks on monetary policy implementation. see u. bindseil, evaluating monetary policy operational frameworks, jackson hole symposium, 2016. 3 deutsche bundesbank, implications of the eurosystem ’ s monetary operations during the financial crisis, monthly report, april 2014, pp. 37 – 59. 4 for an overview of the various arguments, see b. bernanke, “ should the fed keep its balance sheet large? ”, bernanke ’ s blog at brookings, 2 september 2016 ; m. t. kiley and j. m. roberts, monetary policy in a low interest rate world, brookings papers on economic activity, 48 ( 1 ), 2017, pp. 317 – 396 ; d. quint and p. rabanal, should conventional monetary policies become conventional?, deutsche bundesbank discussion paper no 28 / 2017. 5 c. borio, p. disyatat, m. juselius and p. rungcharoenkitkul ( 2017 ), why so low for so long? a long - term view of real interest rates, bis working papers, no 685 ; deutsche bundesbank, the natural rate of interest, monthly report, october 2017, pp. 27 – 42. 6 p. a. f. magalhaes, c. a. camillo, d. langer, l. b. andrade, m. do carmo m. b. duarte and r. gosselink ( 2018 ), weaning failure and respiratory muscle function : what has been done and what can be improved?, respiratory medicine, 134, pp. 54 – 61. 5 / 5 bis central bankers'speeches

about shortterm developments, as measured by a range of various indicators, including, in particular, relative labour and other input costs. it is very important to pay attention to these variables. for instance, it is likely that sharp losses in competitiveness, stemming from exchange rate changes or excessive earnings growth domestically, could adversely impact on the traded goods sectors and cause damage that could take a long time to undo, through losses in market shares and the closure of firms. one has to distinguish this concern, however, from a concern about longer term developments. over a longer perspective, it is productivity growth that matters. by moving from the production of lowvalued - added and low - productivity activities to higher value - added higher - productivity ones, facilitated by flexible markets and appropriate policies, an economy can increase its export earnings and its command over internationally traded goods and services. it can also benefit from the increased efficiency of production of non - traded goods and services. the alternative is simply to stick with lowvalued activities and, typically in today's world, be faced with limited prospects, due to competition from lower cost production locations. one might be able to technically maintain competitiveness in such circumstances, but only by paring back labour earnings and domestic incomes. clearly, this is not a very desirable long - term strategy. it is evident, therefore, that a certain amount of structural change is a desirable feature in an economy. ireland has undergone very high levels of structural change and the results have generally been beneficial. if we had simply tried to maintain the production structure of the past, with its greater concentration on lower - value added traditional activities, it is implausible to suggest that the economy could have performed in the manner that it has. in fact, ireland tried to pursue this approach up until the late 1950s with unsatisfactory results. further structural change will clearly continue to be required if we are to maintain and improve our relative position. the policies to be pursued, therefore, are ones that permit, or even encourage, structural change to occur on an ongoing basis and in as smooth a manner as possible. determining what is important in terms of promoting productivity growth constitutes a key challenge for economic research. the importance of this topic has led the bank to prioritise it as an area of research alongside the ongoing commitments of its research function to ecb activities. the bank also sees itself as having a role to support the adoption of policies domestically that boost long - term sustainable growth,