The Bank’s formulation and implementation of monetary policy will focus on entrenching expectations of low and sustainable inflation in the medium term, through timely responses to price developments, while ensuring that credit and other market developments are consistent with lasting financial stability. I thank you for your attention.
  Fourth, regulation must be guided by the principle of proportionality. Abiding by these principles will not, of course, allow us to solve every single regulatory problem. Yet they do provide us with a yardstick for assessing regulatory provisions. And I do believe that is very valuable. 3. What is “good supervision”?