2  BIS central bankers’ speeches  The Reserve Bank has continued with its accommodative stance with regard to monetary policy to encourage banks to lend more and stimulate growth. However, in the current situation of high liquidity in the banking system, we will remain vigilant to any signs of inflation coming through domestic pressures.
Moreover, those acceding countries that were  BIS Review 51/2003  3  formerly centrally planned economies have been able to establish functioning market economies, thus pursuing the process of transition. There remain, however, formidable challenges. The task at hand is to advance real convergence while safeguarding and, where necessary, enhancing macroeconomic and financial stability.