After all the members have  6  BIS Review 96/2007  had their turn, discussion starts and members freely and actively exchange views on economic and financial developments. Following the discussion on economic and financial developments, Policy Board members next discuss the conduct of monetary policy.
Again, each Policy Board member in turn expresses his or her views, mainly on whether the Bank should maintain or change the guideline for money market operations for the intermeeting period ahead, and the reasons. Furthermore, Policy Board members deliberate on the Bank's conduct of monetary policy in the longer term.