35  These numbers refer to average annual growth in nominal wages, salaries, and supplementary labour income from the System of National Accounts over the periods 1971-1980, 1981-1990, and 1991-2000. 6  BIS Review 51/2003  In addition, the distribution of wage changes has narrowed as inflation has become more predictable.
Monetary policy should avoid accelerating a bubble through creating unfounded expectations for the continuation of low interest rates, since incentives are underpinned ultimately by the financial and economic environment at a macro level. 4 Capital adequacy regulation and incentives The second form of pre-established harmony on microprudential policy also needs to be reexamined.