Accounting standard setters have since clarified their position and have proposed increased disclosure standards for the valuation of financial instruments. This is a good first step, considering how essential disclosure of such information is to the efficient functioning of markets and, ultimately, to financial system stability.
A factor that contributed to the smooth policy shift was that the new framework for the conduct of monetary policy, which the Bank introduced in March when it terminated the quantitative easing policy, functioned effectively as a means of communicating with market participants and the public.