The main bone of contention here, inter alia, is whether and how to regulate private pools of capital, including hedge funds. There have been differences with regard to the role of these funds in the current global financial crisis.
More fundamentally, the slowdown in inflation was related to the moderate rise in unit labour costs over the past two years. In our Monetary Policy Committee statement we noted that with continued fiscal and monetary discipline, the target range of inflation in the year 2002 was achievable.