What is most important at present is to observe the functioning of the credit lending and interest rate channels. That is, to what extent and  BIS Review 65/2009  3  under what conditions banks lend to non-financial institutions and whether they pass on the enhanced terms of financing which they have been given by a looser monetary policy.
Patience has its virtue but must not be confused with inaction, the BoI has been patient with inflation to return, but quite active to ensure that the crucial broader environment of price stability remains intact. Inflation expectations of the medium and longer term are still well anchored within the target range bestowing credibility to the monetary policy.