The monetary and credit aggregates continue to expand rapidly; the prices of real assets are high; no restrictive impulses are coming from the exchange rate. Keeping inflation expectations firmly anchored at a level consistent with price stability is essential for economic growth and the creation of jobs.
The effective communication of the nature and the outcome of these operations is of profound importance. This is true mainly for two reasons. The first reason is that the central bank is accountable to society for the use of resources entrusted to it. However, the financial performance of a central bank is not necessarily a good indicator of an effective pursuit of policy goals.