Sure enough, a good monetary strategy guaranteeing the solid anchoring of price stability is a necessary precondition for economic growth. It is not a condition that is sufficient in itself, however. A budget strategy guaranteeing healthy public finances and structural reforms making it possible to raise  BIS Review 41/2005  1  the level of potential economic growth are also crucial.
The year-on-year rate of change in the consumer price index (CPI; excluding fresh food) has been around zero percent due to the drop in crude oil prices, but from a longer-term perspective it is projected to continue to follow a positive trend as the output gap continues to be positive. As for financial conditions, the environment for corporate finance has been accommodative.