One factor influencing our choice of which topics to cover in the first phase was our assessment of what issues the market was looking for clarity on sooner rather than later. One example of this is around information sharing, where many market participants have highlighted that they are unsure what information can be conveyed to counterparties and other market participants.
Admittedly, some of the tensions and issues that are inherent in policymaking for a large institution which is confronted with a massive shift in external conditions are the price to be paid in comparison with a purely academic life. On the other hand, working together for a public good like price stability is worth paying such a price for. 4  BIS Review 56/2007