The national central banks have become the most important creditors to their governments, which might ultimately put the independence of monetary policy at risk. Exiting its ultra-loose monetary policy would influence governments’ financing conditions much more directly than our conventional monetary policy instruments.
We are attentive to the implications of changes in the value of the dollar and will continue to formulate policy  2  BIS Review 145/2009  to guard against risks to our dual mandate to foster both maximum employment and price stability.