In this process, if the risk I have described remains muted, in other words, if it is judged that inflationary pressures are restrained as the economy follows a balanced and sustainable growth path, an accommodative monetary environment ensuing from very low interest rates will probably be maintained for some time.
This completes my explanation of the new framework for conducting monetary policy introduced last week. The Bank and other central banks make continuous efforts to clearly explain their thinking on  BIS Review 20/2006  7  the conduct of monetary policy to market participants and the public. The specific method employed, however, differs according to their economic environment and institutional framework.