At the same time, the ECB’s quantitative definition of price stability provides a clear yardstick against which the public and its elected representatives can hold the ECB accountable. Moreover, research has shown that the inflation process becomes less persistent and more forward-looking when the economy internalises the central bank’s objective firmly. In fact, this is what we observe in the euro area.
I am pleased to announce that, as part of its financial literacy strategy, and to contribute to the emergence of a new breed of Mauritian tech entrepreneurs, the Bank will launch early next year a Fintech competition. This competition will target college and university students and will serve as an incubator hub to develop apps that will benefit consumers of financial products and services.