Irrespective of the conjunctural assessment, of how these excesses might eventually unwind and of whether or not this process might affect the financial system, such a response was clearly needed. Being agnostic about monetary developments would not have been appropriate. BIS Review 97/2010  7  To conclude: the improvement in our tools has been evolutionary, rather than revolutionary.
A high degree of continuity has been maintained, as our results support the monetary policy strategy. Progress has been achieved through the pursuit of our enhancement agenda, but open questions remain. Because of the current financial stability issues, we have been applauded for the monetary analysis, but we are again called to limit its scope.