Don't ask for monetary policy to perform tricks it cannot deliver,

Not having an exchange rate policy -- and we do not have one -- does not mean there is benign or malign neglect. For the time being there is neglect.

Monetary policy is not a panacea.

Wages, import prices, bottlenecks in shortages in the employment market

We are waiting very much for further signals on economic development before coming to yet another way (on rates).

far too early to judge what the events... will have for an impact on medium-term developments.