101.  Because of the high German interest rates this latter aim necessitated a very tight monetary policy and fiscal policy was in consequence fairly relaxed.

102.  The current outlook appeared much brighter, he added, with an easing of monetary policy in both Japan and Europe.

103.  Any EMS break-up depends on how fast the Bundesbank eases monetary policy but also on the results of these three key European political events.

104.  Monetary policy is set to meet that objective.

105.  The Bundesbank had said previously that agreement on sharing that financial burden was a precondition for easing monetary policy.

106.  The easy money regime focused attention on monetary policy and contributed to the significance accorded to the money supply in later years.

107.  The fundamentally most crucial function of the Bank of England is the responsibility of carrying out monetary policy operations.

108.  Where does this leave the operation of monetary policy?

109.  It should also be appreciated that activity between market participants is used by the Bank of England, directly and indirectly to implement monetary policy via interest rate changes.