Nonetheless, at various moments through this period, the focus on assessing and responding to risks did prompt adjustments. The November 2003 press release announcing a tightening, for example, said: ' … the Board’s view is that it is no longer prudent to continue with such an expansionary policy stance.
The strength of demand for credit increases the danger associated with delaying a tightening of policy that is called for on general macroeconomic grounds.' This statement shows risk management considerations to the fore once again. The same notions, though with risks stemming from other forces, were at work in the adjustments in March 2005 and May 2006.