This being said, the Governing Council remains ready to act in case of adverse contingencies and to use its instruments – as appropriate – to ensure price stability. A reliable strategy is an anchor for credible monetary policy. Erratic policy debates for the purpose of creating short-term stimulus risk undermining that credibility in the long run. 3/3  BIS central bankers' speeches
42 (October), pp. 643-73. 4  BIS Review 112/2006  support for institutional reforms that make returning to inflation harder - but not impossible - for future governments. Implications of the conquest for bond markets What are the implications of the conquest of worldwide inflation for interest rates and yield curves?