• The uncertainty led to need for an information driven discussion
• Won’t act on rates until we see clearly through this short term uncertainty
• Need to give time for monetary policy to be seen in prices
• One jurisdiction called for greater coordination of monetary policy
• Difficult to have strict coordination as central banks have to comply with their mandates
• Situation different in EU to Japan. Japan had deflation, we don’t
• There are some global factors that keep inflation low