But the decision process is never mechanical. All along, the Governing Council combines the 2/6  BIS central bankers' speeches  indications coming from models and past empirical regularities with its own judgement.
In engaging in this layer of judgemental deliberations, our intent is to come to a firm assessment of the balance between the likely efficacy of our measures and their potential costs in term of financial distortions. How do our main policy instruments work?