The two-pillar structure acknowledges the difference in perspective; by keeping the two perspectives as separate pillars, the clarity and coherence of each is enhanced. At the same time, the two perspectives are complementary: the value of each is enhanced by comparing it, or as we say “cross-checking” it, with the other.
•  Second, assigning prominence to the monetary analysis ensures that the information contained in monetary and credit aggregates is always given appropriate weight in both internal and external discussions of monetary policy. The economic analysis has a focus on how various shocks drive business cycle developments. These are of course very important in setting the course of monetary policy.