10  See, for example, Taylor, J.B. (2009), Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, Hoover Institution Press Publication No. 570; and Adrian, T. and N. Liang (2014), “Monetary Policy, Financial Conditions, and Financial Stability,” Federal Reserve Bank of New York Staff Reports, No. 690, September.
The NBS is cautious in monetary policy easing, aware of the risks emanating from the international environment – the weakening of global liquidity brought about by the abandonment of unconventional monetary policy measures by central banks of developed countries and the tightening of geopolitical tensions.