In other words, it has been the private sector which has been borrowing heavily from overseas, not the public sector. And while some of this borrowing has been done by the corporate sector directly, much of it has been done by the banking sector.
Our scheme is based on what is known as risk management approach applied to the monetary policy in economic theory. It entails not focusing any longer on the short term,  BIS Review 66/2008  1  combining technical tools with the policymaker's judgment, evaluating risks associated to each circumstance without being limited by dogmatic prejudice or betting on excluding scenarios.