This would create a vicious circle: if everybody revised their inflation and growth expectations downwards then there would be less investment and a debt overhang. That is why we decided to take further measures in January.
In Sweden, which adopted inflation targeting in 1993, the government had previously announced that controlling inflation was an overriding goal for the Riksbank. In Australia, the Reserve Bank governor announced its inflation-targeting regime in a speech, using broad, previously delegated authority.