Far from being erratic, each move in this strategy has been in line with the intertemporal goals of equilibrium in the monetary market, the preservation of the value of currency and the stability and depth of the financial system. I say “intertemporal” because the central bank has “an across-the-cycle” view rather than a short-term one.
In the first place, our policy guarantees the stability by ensuring the equilibrium between supply and demand for money. Thus, we see that the current regime of control over money supply combines the necessary doses of monetary prudence (as shown by sixteen running quarters of compliance with self-imposed monetary aggregate targets) and flexibility (which has enabled us to weather recent turbulences).