Past experience tells us that public confidence in policy entities, once lost, is extremely difficult to restore in a short period of time. BIS Review 29/2003  5  As an independent central bank, the Bank should bear in mind its accountability to the public for its policy measures.
There have been the arguments outside the Bank that the Bank purchases risky assets that central banks normally do not purchase. In this respect, we must bear in mind that the central bank ultimately belongs to the people. If a central bank buys some assets, it virtually means that it uses the people’s money to buy them.