00:00We are facing profound uncertainty about the path that the economy will take.
00:05Our response will be rooted in our monetary policy strategy that I spoke about in 25, as you mentioned.
00:13And I believe that it equips us well in order to navigate the shock that we are facing.
00:20It requires us to assess the nature, size and persistence of the shock before taking a decision on policy.
00:29Monetary policy cannot bring down energy prices. That's obvious to all of us.
00:34How can we calibrate policy under this level of uncertainty?
00:39There are two key elements. The first one is agility.
00:45We have followed for some times a meeting by meeting data dependent approach without pre-committing to a particular rate
00:55path.
00:57And this was precisely because we did not want to have our hand tied in an environment where the outlook
01:05could change rapidly.
01:06And we are prepared if appropriate to make changes to our policy at any meeting.
01:12The second element of their agility is a focus on risk.
01:16We will try to keep the thumb in our practice.
01:16We'll try to clear our struggling questions as an answering sientoback to reduce the movement to different things.
01:16End correctly understood as sevent manifestation ofенты.
Commenti