These include mortgage loan-to-value ratios and amortization periods, as well as countercyclical margin requirements. What remains is much work on implementation. In particular, how best to combine, sequence and implement these tools, how they will affect financial intermediation, and their implications for other policy instruments, including monetary policy. Enforcement New rules are only as good as their application and adherence.
The idea was that providing more information about the Committee's views of the economic outlook would allow financial market prices to reflect more accurately the probable future stance of monetary policy. When the stance of policy changed, the statement disclosing the action could be and was used to provide an indication of the factors likely to influence the Committee's future decisions.