Hence, cross-checking the information from the two  BIS Review 32/2003  1  pillars leads to the conclusion that the outlook for price stability over the medium term remains favourable.
With medium-term inflation expectations firmly anchored at levels consistent with price stability, and with interest rates at historical lows, monetary policy has made a significant contribution to improving the conditions for a recovery in economic growth. However, other policy-makers also have to assume their responsibilities.