You have supported rules-based monetary policy for some time now, but your application of rules-based policy on an international scale is relatively new. How would that work?

My original idea was that central bank policy works better if it is more like a rule, more systematic, more predictable. Lots of research has gone into that, and there is a lot of experience of it, too. What we have seen – especially in the past dozen years amid greater integration of the international community – is that