Our supervisory actions will be more proactive to prevent problems, but will also be given stronger teeth to deal with problems that arise in order to safeguard the resilience and stability of the system. VII. Summary and conclusion  We are of course aware of the limitations in undertaking the challenging tasks I have described this evening.
Whilst there may be debates today about whether the target range was set at the correct level, it is important to note that for both the credibility of the central bank, as well as the management of expectations in respect of inflation being a problem, the target range had to be set at a level which would properly demonstrate commitment to lowering inflation.