While the regime has been successful overall, I believe it is prudent to review all our practices to ensure that they are as efficient and transparent as possible and that they remain appropriate in light of changes in the industry that have been achieved.
First, the clause clearly allows for us to be outside the target range because of first-round effects of supply side shocks. Second, it does not relieve us of the responsibility of getting inflation back to within the target range. The clause clearly stipulates that if CPIX is out of the target range, we have to explain why, and what we are doing about it.