BoE in "quantitative" measures

http://online.wsj.com/article/SB123927450964404743.html

BOE Chief Economist Spencer Dale has said that the MPC should be ready to tighten policy as aggressively as it has loosened it and that it will need to start bringing interest rates to back normal levels before the economy is growing at its long-term trend rate. However, economists say that still means rates at likely to stay at their ultra low levels throughout 2009, and could even remain there until early 2011.

=> hix, we wont know. Leading and lagging effect are out there, and mistiming of policy causes problems.