While the main objective was the enhancement of efficiency in the financial system, a concomitant goal was to impart stability in a new market oriented environment. Major policy measures in the financial sector relate to phased reductions in statutory preemption like cash reserve ratio and statutory liquidity requirement and deregulation of interest rates on deposits and advances, except for a select segment.
But geopolitics and longer weather patterns are hard to predict. And of course the virus has also provided its own twists and turns. So a degree of humility is warranted. We do expect the drivers of inflation in Ireland to change over the coming years. There is a behavioural component here.