4  Macroprudential design of crisis management  The third pillar of macroprudential policy refers to the forward-looking design of crisis management. Crisis management is the policy field which seems to receive most of the  2  BIS central bankers’ speeches  attention at the moment.
Core inflation should return to 2 per cent in the first half of 2007 and stay there. On 16 January, the Bank left its key policy rate unchanged at 4.25 per cent. The risks around the Bank's inflation projection continue to be judged to be roughly balanced, but the main upside and downside risks have diminished somewhat since the October MPR.