But we continued to implement policy through our ability to move the quantity of settlement cash in the banking system, and through making our views about the appropriateness of monetary conditions known through our quarterly inflation forecasts and occasional "open mouth operations ".
This worked effectively as a system for keeping inflation under control, but it had disadvantages from a public relations point of view. Occasionally, monetary conditions would become a bit too easy to be consistent with our inflation target, and we would draw attention to the fact that conditions should be somewhat tighter.