Changes in production and consumption seem to fall short of a fully satisfactory explanation of the abrupt collapse in oil prices. While oil production has been close to expectations, consumption has been only a little less than earlier forecast.
However, we should keep in mind that it is primarily the task of the private sector to eliminate the current shortcomings in cross-border retail payments, which are rightly criticised in my view. Essentially, what the central banks can do is to draw attention to undesirable developments, urge improvements and offer their assistance for this.