The forward-looking nature of monetary policy is reflected in the Policy Targets Agreement (PTA) between the Governor of the Bank and the Minister of Finance, which specifies the price stability target as “future CPI inflation outcomes between one percent and three percent on average over the medium term, with a focus on keeping future average inflation near the two percent target midpoint”.
Notwithstanding the long and complex preparatory works, not each and every detail is fully fixed yet, nor, I would add, fully understood. That is why we organized this Conference. Of course, we are not going to solve all our doubts today.