2  The Bank’s view of recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on August 13 and 14 as the basis for monetary policy decisions. BIS Review 72/2001  1  future economic developments, the possibility that weak demand will further intensify downward pressure on prices warrants careful monitoring.
Given the time constraints today, my focus will naturally be on monetary policy. The steering of policy has become increasingly difficult in recent times, and many of my fellow central bankers have found themselves in uncharted waters.