•  If we were to use these unconventional policy measures, the Bank would closely monitor a number of indicators to assess their effectiveness. •  The most important would be the effect on overall financing conditions faced by households and businesses. •  Other indicators would be used to judge the direct impact of a particular instrument.
For example: o  2  The effectiveness of conditional statements about the future policy rate can be judged by their impact on longer-term interest rates. As I mentioned a moment ago, we saw almost immediately the impact of our 21 April policy interest rate announcement.