We have appreciated the NBA’s strong engagement throughout this process, and we look forward to your continued engagement as we seek to converge on a consistent approach that has broad stakeholder support.
They have to remain firm in reaction to actual inflation and other relatively reliable indicators of inflation risks, such as excessive wage growth. As a side remark, I add that, in theory, capital account liberalisation and trade openness warrant a sharper focus of monetary policy on price stability rather than output stabilisation.