Your Excellencies, distinguished guests, ladies and gentlemen. Thank you to Professor Scobie and the Board of the EEFC, and I am truly humbled by the invitation to participate in the Distinguished Speakers Seminar Programme. Let me start by thanking the European Economics and Financial Centre for the good work they are doing in seeking to forge closer links between theorists and practitioners in economics and finance. I guess when it comes to monetary policy, that’s where the art and the science meet. Your work reminds me of the quote that is attributed to Yogi Berra that “In theory there is no difference between theory and practice, in practice there is.” The practice of monetary policy has been undergoing significant changes, and it will be interesting to see how much of all that ends up being embodied in the theory.