BIS Review 1/2005  1  A second type of consideration that has constrained the pace of increase in transparency is its potential interaction with monetary policy decisions. What we say is important, but what we do over time will ultimately determine economic outcomes.
In this connection, a distinction needs to be made between two types of market developments, which have implications for the financial system. One is developments in respect of macroeconomic fundamentals of the economy which impact on the interest rate, exchange rate and other asset prices. This is a normal phenomenon in any economy and has implications for the balance sheets of the financial intermediaries.