Given that we are only providing the full text of the Code to the market in May, there will be a period of time for market participants to adjust their practices where necessary (which should hopefully not be much) to be in line with the principles in the Code.
In particular, we are aware that it is difficult to put the deflation genie back in the bottle once it has come out. If signs of widespread problems emerge, we will act swiftly to counter them. An advantage of our measured monetary policy response to date is that we have plenty of policy room available to react if necessary.