6  BIS Review 137/2008  •  Finally, a clear distinction must be maintained between the determination of the monetary policy stance required to maintain price stability and the provision of liquidity to the money market, the so-called “ separation principle”.
These principles should be the cornerstones of monetary policy-making in normal times but, arguably, become even more important in a time of crisis. In this respect, I would say that our monetary policy, while being pragmatic, has consistently followed these principles and has thus been able to address the challenges that the financial market tensions have brought about.