Although private sector credit extension accelerated to twelve-month growth rates of 13,8 per cent in February and 16,6 per cent in March 2003, adjusting for the reporting changes, these growth rates would have been 9,1 and 9,3 per cent respectively. 3. Recent labour market developments  As our MPC statements have emphasised, there are a number of risks to the inflation outlook.
What is the role of central banks in preventing asset price bubbles? The emerging view is that preventing an asset price buildup should be within the purview of a central bank. Opinion is divided, however, on whether central banks should prevent asset bubbles through monetary policy action or through regulatory action.