Again, not many people complained at the time. 4  Letter to the Minister of Finance dated 19 April 1996, published in Monetary Policy Statement, June 1996.
5  BIS Review 33/1999  As President Harry Truman once said, ‘Any schoolboy’s hindsight is better than the President’s foresight.’ You would be disappointed if I did not mention the introduction of the Monetary Conditions Index with ‘bands’ at the end of June 1997 as another innovation which, with the benefit of experience, has proved less useful than we had hoped.