C. Monetary Policy Management from a Medium to Long-Term Perspective I would like to turn to a third set of comments and questions received by the Bank related to its monetary policy management. It is a question of whether the official discount rate should have been raised sometime between 1996 and early 1997, when the economy was recovering.
Monetary policy should, by its very nature, be monitored over a long period of time. In addition, I believe it is not appropriate for the Bank, which is in charge of monetary policy management, to give its own assessment casually.