While we have raised the policy rate in July 2015 by 25 basis points, bringing the cumulative increase in the policy rate since the first upward move in January 2014 to 100 basis points, in real terms monetary policy remains accommodative as pointed out in our recent MPC statement, released in September 2015.
The current environment requires policy makers to remain vigilant and to carefully analyse incoming data, and not hesitate to act if the risks of a more persistent breach in the inflation target materialise and inflation expectations become unanchored, thus posing a threat to inflation outcomes over the medium term. Thank you. BIS central bankers’ speeches  5