A prominent feature of the  BIS Review 91/2007  1  economic history is the gradual process of dismantling these controls and liberalization of the economy culminating in the passage of the Foreign Exchange Act last year on the heels of stabilization of the economy.
The assessment of price stability should, however, be based on whether it can be sustained in the medium to long term. From this point of view, the issue that requires particular attention is whether second-round effects will emerge. This largely depends on whether people's confidence in price stability is maintained, which ultimately is determined by the stance of monetary policy.