I'm not arguing that all countries should copy every detail of our inflation-targeting regime. But it is important that central banks follow policies that anchor inflation expectations and thus prevent a buildup of deflationary as well inflationary pressures. As I mentioned before, both Canada and the United Kingdom operate with a flexible exchange rate.
At the Bank, one of our less well-known mandates is to oversee payments infrastructures, especially the Large Value Transfer System. The LVTS is an electronic system launched in 1999 and operated by the Canadian Payments Association. It meets or exceeds the highest international standards in matters of risk management, and does so at a fraction of the cost.