Here, what tempers our thinking is the principle I mentioned earlier: the imperative of regulatory consistency and irreversibility over time. Do we have the appetite and wherewithal to tide over any possible future spate of volatility without undoing any relaxations we contemplate bringing about? This consideration argues in favour of moderation, gradualism and pacing our steps.
The challenge is to hit an optimal middle path between throwing caution to the wind and allowing excessive caution to prevent any forward movement. Concluding thoughts 26.