The Bank clearly announced in a statement that “[it] will achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the consumer price index (CPI) at the earliest possible time, with a time horizon of about two years.” This is the decision of the Bank’s Policy Board – namely, it expresses the will of the Bank as an institution.
New phase of monetary easing both in terms of quantity and quality Next, the Bank decided to embark on the quantitative and qualitative monetary easing as a means to underpin this commitment.