In light of these developments, the Bank has continued to reduce the amount of monetary stimulus in the economy, raising the target for the overnight interest rate by 25 basis points on three occasions in April, June, and July - to bring the rate to 2 3/4 per cent.
The latter step was taken to underline the symmetry of our price stability objective, meaning that downward deviations from the definition are just as undesirable as upward deviations. I now invite the distinguished members of our panel to address the question of transparency in monetary policy each from their own point of view. 1 Chydenius, A.: Memorial on the freedom of printing.