More generally, the policy calibration exercise should not be viewed as one in which the central bank decides on the speed at which it should approach a given target level for its instrument or instruments, but rather as an iterative and interactive process where the central bank learns from the markets as much as the markets learn from the implementation of the central bank’s policies.
By meeting the challenges of completing the necessary budgetary consolidation and stepping up action across the broad spectrum of structural reforms, Greece will not only be able to join the euro area in a strong competitive position, but will also reap the full benefits from participation in EMU. BIS Review 98/1999  4