In 2006, when we exited from the quantitative easing policy, the Bank introduced a monetary policy framework in which economic and price developments are assessed from two perspectives. The first involves assessing the baseline scenario for economic activity and prices, examining whether the economy is on a sustainable growth path with price stability.
The second perspective assesses the risks considered most relevant to the conduct of monetary policy, including risks that have a longer time horizon than the first perspective. In line with this second perspective, the Bank examines the accumulation of financial imbalances as one of the risk factors with a longer-term horizon.