So, when I think about current monetary policy, I find it natural to look back at the position of the mandate dashboard at my first meeting:  3  Under this scenario, the economy has evolved over the coming year as the Committee expected in November 2011.
In the more immediate future, I think its creation is one of the essential ingredients for building confidence in the strong countries that banking weaknesses that have been exposed in the stressed countries are not going to recur or persist because of supervisory inadequacies.