As an aside, let me say that monetary policy making has never been and can never be a purely mechanical process; it is basically an interpretative and therefore a judgemental process requiring a battery of information collected from every available source, including the on-site inspection of banks carried out by our Banking Supervision Department. The judgemental process is what makes monetary policy decision-making difficult.
J.-C. T. We increased rates as a preventative measure, thereby strengthening saver confidence, because we identified these inflation risks. This allows us to continue to profit today from the lowest medium and long-term market interest rates for fifty years. It’s a remarkable contribution to growth and job creation, thanks to our credibility in delivering price stability.