Mike Boit, a former Olympic 800 meters winner, once said, “When I returned home to Kenya, they actually respected me more for my ability to catch the impala than for having brought the Olympic medal.” The idea of someone running barefoot to catch a wild impala seems impossible. The Kenyan runners make the impossible possible.
There has been much discussion about the sequence. It can be changed but the way we look at it will be about the costs and benefits of the instruments. In particular it will be about the costs and benefits of having the very low and negative deposit facility rate that we have today. And that discussion has to be informed by facts.