On this basis, I would like to explain the price developments under which the Bank perceives “price stability” and the reasons for setting the target at 2 percent in terms of the year-on-year rate of change in the CPI.
I am confident that through knowledge-sharing and international cooperation, macroprudential policy will play an increasingly important role in safeguarding financial stability – in all parts of the world. 1 IMF (2018), The IMF’s Annual Macroprudential Policy Survey—Objectives, Design, and Country Responses. 2 Milton Friedman’s famous line ran: “We are all Keynesians now".