But, clearly, however efficient and dynamic it may be, an unstable financial system can seriously undermine the performance of the real economy and a viable way to resolve these conflicts needs to be found. Transparency An important lesson from the crisis was “what cannot be measured cannot be managed”.
It is a known fact, however, that by contrast with the practice of the US Federal Reserve System and the Bank of Japan, you don’t give the markets any objective criteria in order to manage interest rate expectations. Why not? Of course we give clear criteria.