To illustrate, let me discuss two situations that are particularly relevant in the current context—the first leads to more-aggressive policy actions and the second leads to what is often referred to by central banks as “caution” or “patience.” When uncertainty can motivate aggressive policy action The first situation is best illustrated by considering how to conduct monetary policy when interest rates are close to the effective lower bound (ELB).
To do just that, we need to monitor the execution of these standards at the institutional level. This is where we are today. I trust therefore that this forum can contribute towards greater understanding of the ACGS.