With this record of success, the desirability of continuing the system is obvious. At times of changing personnel, moreover, it is worth stressing continuity: there was no case for a discrete change to the system just because a new Governor was being appointed.
The Treasurer and I issued a new Statement on the Conduct of Monetary Policy 5 on 18 September 2006, the day my appointment became effective. The language was identical in almost every respect to the 2003 Statement. The changes were limited to those necessary to update the document and reflect a new incumbent.