Second, as I’ve already discussed, inflation dynamics could be changing in the new economy, and it’s 8/9  BIS central bankers' speeches  important to understand those dynamics. Third, despite strong employment gains and an economy operating close to capacity, wage growth has been slower than would be expected.
It is clear that today there is a need to refocus surveillance on policies that enhance domestic economic stability, and thereby, support global stability. Surveillance should be confined to a country's exchange rate, monetary, fiscal, and financial policies, and to the question of whether or not the policy choices are coherent, and thus consistent with maintaining external stability.