4  BIS Review 71/2004  however, would be that the policy tightening would be as much directed to heading off incipient financial excesses, with a potential for financial instability, as it would be to resisting inflationary pressures.
We welcome this collaboration and while recognizing the potential utility of the exercise, we look forward to more details, particularly on the methodology. Strengthening information availability is a key pre-requisite. The effectiveness of this collaboration should be regularly reviewed by the IMFC.