You will recall that in the middle of last year our country was the victim of a localised or asymmetric  1  BIS Review 41/2000  economic shock: the dioxin crisis. As I have already said, it is thanks to the euro that the macroeconomic cost of that crisis was very small.
As part of that interest rate decision, the Bank re-established its normal operating framework for the implementation of monetary policy.   On Tuesday, 20 July 2010, the Bank raised its target for the overnight rate by a further one-quarter of one percentage point to 3/4 per cent.