So the  BIS central bankers’ speeches  1  challenge is to resist the pressures to become overburdened with multiple mandates; in particular, EMEs’ central banks should not play a very active role in applying countercyclical monetary policies. Countercyclical monetary policies should be applied as one should drink tequila: in moderation.
They have all made an essential contribution to ensuring that, from the plans to the operational phase, it has always been possible to maintain the balance between the necessary ultimate responsibility at the central  BIS central bankers’ speeches  5  level and the legitimate interests of the euro area countries in both planning and implementation.