At the quarterly assessments of the situation, the National Bank left the interest rate target range unchanged. In March there was no reason as yet to change monetary policy. Favourable data on economic activity in the US had even improved sentiment somewhat, which had also caused share prices to move up. In June and September account had to be taken of the fact that the interest rate target range had already been lowered twice, on 2 May and 26 July. At these two quarterly assessments of the economic situation, therefore, no need for additional measures emerged. In December, the National Bank again left the target range unchanged. It continued to implement its expansionary monetary policy in support of the expected upswing.