Thus, it is all the more important to make very clear to markets that, ex ante, they can always map the expected path of the policy rates relative to the evolution of macroeconomic conditions on the basis of the unambiguous goal of very solidly anchoring inflation expectations. 26  Lorenz (1972).
BIS Review 103/2009  7  Some of these points can be illustrated in the context of the recent financial turmoil. Let us take the decision to increase rates in July 2008, 11 months after the turbulence began in August 2007.