Central banks were seen as partly responsible for the current crisis, but they were also at the forefront of unprecedented public policy response that was put in place swiftly, using a combination of conventional and unconventional measures, to contain the severity of the crisis and stimulate recovery towards resumption of normal growth.
4  BIS Review 76/2008  which any deviations of inflation from long-run objectives are tolerated to allow the efficient relative price adjustments that I have described needs to be tempered so as to ensure that longer-term inflation expectations are not affected to a significant extent.