• Mon pol stance will remain accommodative as long as needed
• Has all tools at hand to ensure smooth exit if risks to price stability should materialise
• Exit very likely to take place in environment where credit has recovered and risk receded in economy
• There could be merits in conducting longer term liquidity options
• Extending range of maturities in liquidity ops would probably go hand in hand with return to competitive auctions
• Permanent excess liquidity could distort signals of liquidity and credit risk
• Keeping liquidity overallotment permanent feature would have advantage of reducing overnight interest rate volatility