At the latest MPM, taking into account the points I have described, there was a discussion of the level of inflation that each Policy Board member, in conducting monetary policy, currently understands as price stability from a medium- to long-term viewpoint. Such a level is referred to as a member's "understanding of medium- to long-term price stability."
If liquidity is tight, the immediate effect of controls can be relief from the strain of meeting obligations and a temporary sense of well-being. This is an illusion however. The obvious consequence of confiscating part, or all, of foreign investors’ capital and/or income, is to ensure a sharp reduction in the availability of new foreign investment in the future.