In this context, allow me to recall those recommendations that have been identified as immediate priorities: •  Financial institutions should fully and promptly disclose their risk exposures, writedowns and fair value estimates for complex and illiquid instruments in their upcoming mid-year reporting. They should do so consistently with leading disclosure practices as set out in the FSF report.
The interpretation has important implications for how we should think about the conduct of monetary policy and what we think might happen to inflation over the next couple of years. I will address these two issues in the final part of the talk.