Practices in various countries show that there is no uniformity of priorities for monetary policy strategies. Some countries, especially those with large excess liquidity, prioritized normalization of liquidity over interest rate hikes, while countries with high inflationary pressures tended to prioritize increasing interest rates. This emphasize the need to consider both liquidity and interest policy in measuring central bank monetary policy stance. Figure 2.
Policy Coordination for 2022 Inflation Control ADDITIONAL BUDGET SUPPORT FOR INFLATION CONTROL  INFLATION CONTROL POLICY COORDINATION  4K  K1: Aﬀordability of Prices  K3: Smooth Distribution  K2: Supply Availability  K4: Eﬀective Communication  DEMAND SIDE POLICY AND EXPECTATION MANAGEMENT - BANK INDONESIA  1  DID TPID Award 2021 Rp100.4 billion  2  1.