And third, I want to emphasize that there is a very active exchange of views among Policy Board members at MPMs. We often hear criticisms outside the Bank when a decision is reached by unanimous vote at MPMs that there must have been very little discussion at the meeting, or the decision must have already been made prior to the MPM.
As a member of the Policy Board, I strongly object to these views. As I have repeatedly said, each member is fully prepared to give his or her views on the economic situation and the appropriate direction of monetary policy before attending an MPM.