We have also successfully tested our capacity to carry out reverse repo transactions and are expanding the group of counterparties with which these transactions can be carried out. We have also been working on the development of a term deposit facility. These analytic and practical steps are obviously taking place in preparation for a change in monetary policy.
But it is important to emphasize that the completion of preparatory steps need not be followed in short order by the initiation of tightening measures. The preparations for exit will allow us to move with confidence when the time is right. They do not push us toward the door.