The key is to anchor policy to a basic long-run goal--price stability--but to remain flexible to respond to shocks in the short run. And to try to stay ahead of the curve, moving quickly if that is required. 4  BIS Review 1/2003
We are also considering other changes, as I discussed last week when testifying to Congress. Third, the Federal Reserve is reassessing whether the Volcker rule implementing regulation 1/2  BIS central bankers' speeches  most efficiently achieves its policy objectives, and we look forward to working with the other four Volcker rule agencies to find ways to improve that regulation.