So we emphasised that monetary policy had been given only a single goal by statute, namely "stability in the general level of prices", and I as Governor was liable to be dismissed for failing to deliver that objective. And we repeated that message, again and again.
We recognised that the more quickly we could convince both financial markets and the general public that we were absolutely committed to achieving the inflation target, whatever the cost in terms of unemployment and lost output, the smaller that cost in employment and output would be.