This underperformance has occurred in a wide swath of economies, both advanced and emerging. These countries have, on average, a high level of Internet penetration—a possible proxy for the pace of adoption of digital technologies. Related to this, empirical evidence of the so-called Amazon effect on inflation, like the Walmart effect of 20 years ago, has so far been limited.
That is why I am very pleased to inform you that the NGFS is currently exploring how it can help build capacity within the central banking and supervisory communities and is considering developing training initiatives in cooperation with some other key stakeholders. We will announce progress on this soon. Moving with the tide Let me conclude. There are different ways to approach a swan.