Therefore, I am looking forward to this new era that lies in front of us, characterized by a larger number of Member States and, in terms of ideas, by an even larger potential of human beings. BIS Review 40/2004  7
And we indicated that, in line with our base-case projection and our current assessment of risks, some modest further increase in the policy interest rate would be needed to keep aggregate supply and demand in balance and inflation on target over the medium term. It is important to keep in mind that there are, as always, both upside and downside risks to our projections.