is the strain it puts on resources. this is also going to put a lot of strain on central bankers : how should central bankers respond via monetary policy to what could be a secular long - term increase in the price of raw materials? globalisation is a janus with a double face. you have on the one hand this formidable challenge of volatile oil and commodities prices. on the other hand you have the formidable disinflationary trend of manufacturing goods, which are produced at lower prices. we have to deal with these simultaneous trends that are very complex and are accelerating changes of relative prices. it is a formidable challenge for all central banks of the world, not only in the advanced economies of course. that is something that i trust central banks can do in the medium term if they are vigilant, if they are attentive. in the very long run, i tend to be optimistic. i was trained as a scientist at the beginning. i trust that we will find technological ways to get rid of this incredible dependency on fossil energy or on the large number of minerals and commodities. it is an absolute must for our world, our environment and our civilisation. i therefore trust that we will deliver. what are your plans after you retire after the ecb? i have no plan. i will see after the end of my mandate. at the present moment i still have close to five months ahead of me and quite a lot of challenges obviously. bis central bankers ’ speeches

aggregate supply and demand balance. in such efforts to strengthen growth potential, it goes without saying that private economic entities will play the most important role. recently, as seen in an increase in consumption by the elderly and in renewable energy - related investment, the move to convert challenges japan ’ s economy is faced with into an opportunity to tap new demand has been gradually taking place. it is important to grow such bud of growth and nurture it to a larger market. in doing so, the role of financial institutions in providing funds necessary for firms ’ activity, including in their startups, and the role of the government in preparing an environment that facilitates firms ’ activity, including promotion of deregulation, are also important. also the bank, from the viewpoint of making utmost contribution that a central bank can do, has been implanting the extraordinary “ fund - provisioning measure to support strengthening the foundations for economic growth ” since june 2010. the measure is for the bank to provide long - term funds at a low interest rate to financial institutions carrying out lending and investment that contribute to japan ’ s economic growth, and the total amount of line of credit has now reached 5. 5 trillion yen, inclusive of the u. s. dollars. while the measure is an extraordinary one, given the intrinsic role of a central bank, the reason the bank dares to do it is that the bank expects the measure to play the role of a “ catalyst ” in strengthening growth potential. in addition to the impact of actually providing funds, significance of sharing the recognition that strengthening growth potential is important is not small at all. in fact, since the introduction of the measure, there have been not a few examples of promoting voluntary initiatives toward strengthening foundations for economic growth, such as some financial institutions setting up a dedicated fund for the regions ’ promising businesses. if such efforts further develop and, as the moves to take advantage of the current accommodative financial conditions increase, the effects of monetary easing will be further exerted. while accommodative monetary conditions have reached a state of saturation as i have explained earlier, from the viewpoint of taking advantage of such accommodative financial conditions, a strong possibility still remains for monetary easing exerting greater effects. assessment of the economy and the timing of monetary easing as for this time ’ s measures, i have explained a grand view of the assessment of underlying economic activity and prices and the aim, the specifics of the measures, assumed transmission channels,