BIS central bankers’ speeches  3  consistent with medium-term price stability without the need for constant comment and intervention from the Bank. We try to facilitate this understanding by presenting a description of key judgements and alternative scenarios in our Monetary Policy Statements.
These help illustrate how monetary policy would likely need to respond if judgements were to prove incorrect or if risks to the outlook were to crystallise. Financial market participants seem to have had a good understanding of the conditional nature of our projections. Figure 1 illustrates the point for the period since 2004.