BIS central bankers’ speeches  3  expectations offers a way to reduce real rates and provide a stimulus without incurring the limitations of policy commitments. 3 3. Monetary policy should be oriented to the medium term  The third lesson concerns the risks associated with a monetary policy aimed at fine-tuning short-term objectives.
If this recovery is analyzed in terms of the level of economic activity, namely the output gap, it can be noted that capacity utilization has been rising steadily reflecting the recent recovery in production, and has recovered to the same level as that of four years ago.