His rationale was simple: the note had to be prepared over the Christmas season, and the much younger member of staff who would otherwise have to do it would be much better occupied at home with his family. BIS Review 2/2008  3  Well, that is all I wish to say.
On the other hand, monetary policy should be aware of its implications for financial stability, and so it should tend, in upswings, to be stricter than shortterm inflationary developments would suggest.