In other words, technological innovation has progressed to the point where barriers to non-financial business firms entering financial services have been lowered, but not to the extent where the existing framework has been made completely obsolete.
This is formalized in what is called the inflation-control agreement. It is renewed every five years and has been supported by six prime ministers of different partisan stripes. We are working on the next renewal, set for 2021, with our Finance colleagues. Having a formal agreement with a democratically elected government supports the credibility of our shared objective.