In October, we changed the nature of our forward guidance about the cash rate. The focus is now on actual outcomes for inflation and unemployment, rather than forecast outcomes. This shift reflects the changing price dynamics in our economy due to globalisation and technology, and now the pandemic.
But we need to ensure that innovation does not compromise other clearly stated goals, including systemic stability and consumer protection. The challenge for regulators and market participants alike is, as always, to strike the right balance. BIS Review 72/2009  5