The latest data give 37 and 54 per cent. 2  BIS central bankers’ speeches  period (and would have been 11½% in the absence of bank rescue spending), this would not be sustainable for long.
At the same time, recent confidence indicators based on survey data have shown some further improvement from low levels and tentatively confirm the expectation of a stabilisation in economic activity. Our monetary policy stance continues to be geared towards maintaining the degree of monetary accommodation warranted by the outlook for price stability and promoting stable money market conditions.