5 Finally, by having a clear separation between the monetary policy stance, which as explained, has maintained the appropriate medium-term orientation, and its implementation through liquidity operations, we have proved able to act in the liquidity management domain rapidly and, when necessary, significantly, to support the functioning of the money market that is central to the implementation and transmission of monetary policy.
I earnestly hope that today’s deliberations will inspire our  officers, especially the younger officers, to ask pertinent questions and rise to the challenges of the post-pandemic world.