Emerging Retail Payment Systems I know some of us are impatient with the pace of the migration of retail payments to electronic alternatives. Earlier predictions of a cashless, checkless society clearly missed their mark. Technological advances, however, are providing new opportunities to accelerate the migration to electronic payments. New payment methods will likely continue to supplement, rather than supplant, existing forms of payment.
We stand ready to adjust all of our instruments, as appropriate, to ensure that inflation stabilises at our two per cent target over the medium term. I will now outline in more detail how we see the economy and inflation developing, and then talk about our assessment of financial and monetary conditions.