The BRS will now be a fully fledged alternative site and will ensure continuity of all settlements between our banks. Let me touch briefly on the building design and specifications. The criteria for settling on this site were based round the premise that it should serve the current and future needs of the Bank in the area of risk management.
However, in the existing literature, the analysis of fiscal effects on the price level is typically based on the presumption that a fiscal authority will never default on liabilities denominated in its own currency. In my remarks today, I will relax this assumption.