This is important, because monetary policy operates with long and variable lags. It can take as long as two years before the full effect of a policy change is felt on inflation. Monetary policy must therefore be forward-looking, focusing on a one- to two-year horizon.
Furthermore, we still grapple with the question whether, and to what extent, there is room for private sharing of educational expenses - not necessarily to save public money but, for example, to focus more on education in development towns. BIS Review 79/2001  1  These are only some aspects of fiscal discipline or, as it is sometimes called, fiscal consolidation.