As we have been increasingly resorting to unconventional measures to meet our mandate, we decided that we need to be more open with the public about how we reached our decisions. At the same time, we felt that even differences of views can be communicated without compromising the credibility and singleness of our monetary policy.
2 When inflation broke loose in March 2021, even though I had expected it to run above 2 percent in 2021 and 2022, I never thought it would reach the very high levels we have seen in recent months. Indeed, I expected it would eventually fade, due to the nature of these shocks.