Papers in this volume were prepared for a meeting of senior officials from central banks held at the Bank for International Settlements in June 2013. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This publication is available on the BIS website (www.bis.org). BIS Papers 74 iii Foreword The 12th BIS Annual Conference took place in Lucerne, Switzerland on 20–21 June 2013. The event brought together a distinguished group of central bank governors, leading academics and former public officials to exchange views on the conference theme of " Navigating the Great Recession: what role for monetary policy? ". This volume contains the opening address by Stephen Cecchetti (former Economic Adviser, BIS), a keynote address The papers presented at the conference and the discussants' comments are released as BIS Working Papers 434 to 437.