We therefore have to remain vigilant and work towards ensuring these gains are sustained. BIS Review 53/2005  1  2. Current economic conditions  The Central Bank, in its March 2005 Quarterly Economic Bulletin, released on 31st May 2005, noted improvements in the main economic indicators, and I shall not spend too much time on these developments.
Although there are no clear signs of second-round effects, the longer the upward trend and volatility of oil prices persist, the more likely the price increases will continue to impact on expectations and feed through to other prices. Monetary policy has to remain vigilant in anticipating such developments.