The South African Reserve  BIS central bankers’ speeches  1  Bank has not been left behind in these developments, with a marked evolution towards greater transparency and more open communication, particularly since the introduction of inflation targeting in 2000. There are two broad thrusts to our communication.
Furthermore, the ECB Governing Council has cut interest rates sharply to unprecedented levels. And we still have room to cut interest rates further. But it is essential to bear in mind that an expansionary monetary policy comes at the price of creating a breeding ground for future risks to price stability.