BIS Review 94/2008  3  Compared with the estimates published in the Combined Report on the Economy and Public Finance in March, projected net borrowing on a current legislation basis is revised upwards by about half a percentage point in each of the next three years. The new estimates, like those for 2008, factor in the further worsening in the outlook for growth.
We stand firm on our intent to take immediate and appropriate measures to ensure that our monetary policy stance supports our price and financial stability objectives. The coming task of the Monetary Board is to carefully evaluate the appropriateness of a measured policy response to firmly anchor inflation expectations in line with our forecast that inflation targets will continue to be met in 2018-2019.