In his speech, Mr King says: "the proposition that it takes time before monetary policy has its full impact on the economy is quite different from the proposition that monetary policy is ineffective. And the Monetary Policy Committee takes the view that the influence of policy easing will gradually come through and its effects will be seen over the next year or so. Of course, there are many risks to this outlook. None of us knows how the present uncertainties will be resolved. Again, however, monetary policy stands ready to respond to any unexpected developments, whether on the upside or the downside."