Having said this, an overly ambitious monetary approach which is not adequately underpinned by developments in the real economy may lead to losses in credibility or even turn out to be  4  BIS Review 22/2005  counterproductive to stability and to the long-term catching-up process. In my view, it is clear that adequately designed stability-oriented policies facilitate structural change.
As bankers committed to the long term, I’m sure that you will continue to analyze the situation and options dispassionately, put forward your recommendations clearly and operate in a spirit of give-and-take as the country adapts to current circumstances.