Nevertheless, in October, pre-emptive action took place to forestall the build-up of an inflationary potential in the delicate phase of transition to monetary  BIS Review 12/2005  3  union. This interest rate move was a strong sign of determination.
The policy message was reinforced through a consistent communication campaign which the Central Banks concerned, together with the European Monetary Institute, launched in the last few months of the year to explain the meaning of their action. The essence of the message was the following.