Thank you for your attention. 4  BIS central bankers’ speeches  BIS central bankers’ speeches  5  6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches
At the same time, faced with uncertainty about growth, gradualism and flexibility will remain important: gradualism concerning the pace of monetary policy adjustment; and flexibility to 3/4  BIS central bankers' speeches  ensure the smooth transmission of monetary policy as needed. The Governing Council’s decisions in April reflect these characteristics, while also providing a clearly defined sequence of events for the normalisation process.