Interest rates were just too low for an economy that was growing that well. As it turned out, this process of returning interest rates to more normal levels has been a gradual one. Two increases in interest rates were made in mid-2002, then there was a 16-month gap to the next two increases.
We are currently considering options to provide additional transparency regarding scenarios and scenario design and I expect that the Board will seek comment on the advisability of, and possible approaches to, gathering 4/6  BIS central bankers' speeches  the public's input on scenarios and salient risks facing the banking system each year.