The meeting begins with a discussion among Policy Board members on economic and financial developments. First, each Policy Board member in turn expresses his or her views on recent economic and financial developments and the prospects for the future, taking into account the reports presented by the Bank's staff on the previous day and other members' views.
After all the members have  6  BIS Review 96/2007  had their turn, discussion starts and members freely and actively exchange views on economic and financial developments. Following the discussion on economic and financial developments, Policy Board members next discuss the conduct of monetary policy.