The speed and extent that inflation reacts to shocks – both domestic and global – affects the optimal response of monetary policy to those shocks. Allow me to give a few examples of how technology can affect the price-setting process and the economy’s reaction to shocks, focusing on e-commerce.
Bundesbank President Jens Weidmann is concerned that the ECB will face ever greater 3/5  BIS central bankers' speeches  political pressure. Of course, some countries are more resistant to reform than others. But we’ve also seen that countries which hadn’t undertaken reforms for a very long time were, in the end, able to do the necessary.