2 These amounts should continue to grow over time as central clearing and, especially, client clearing requirements take effect in more jurisdictions. Given the global nature of derivatives markets, the success of the reform agenda depends critically on international coordination.
Supply shocks that take the form of a change in the level, or growth rate, of potential output are often hard to recognize. Here, however, the key is for the central bank to return the trend of inflation to the target if it has moved away.