Just as the tightening of 1994 was much smaller than its predecessors in the 1980s, it is reasonable to assume that this trend will continue.
The past three years have hardly been a placid period for the world economy, yet in successful economies the movements in interest rates have been relatively small (for example, in the United States they have moved through a range of ¾ of a per cent). The other thing we are seeing is that financial factors are playing a larger role than before.