In the speech 'Structural Change and the Conduct of Monetary Policy' given on 30 August Glenn Stevens of the Reserve Bank of Australia said central banks have routinely to be on the look out for the sorts of changes which, while leaving ultimate objectives unchanged, might alter the short term tactics of policy settings. But Stevens said he thought that financial structure changes, which often occur over longish periods, will probably be the most difficult ones to handle for central banks.

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