It would limit the extent to which monetary policies could respond to the downside risks to economic growth in the short term without risking a rise in the trend rate of inflation and a pick up in inflation expectations. I believe that central banks everywhere are acutely conscious of this.
Philip Lowe: An eAUD? Address by Mr Philip Lowe, Governor of the Reserve Bank of Australia, to the 2017 Australian Payment Summit, Sydney, 13 December 2017. * * * I would like to thank David Emery, Tony Richards and other staff in the RBA's Payments Policy Department for assistance in the preparation of these remarks.