Next steps As a practical measure we should begin the process of harmonization of banking sector in our region. The starting point could be that the definition of the soundness indicators, the uniformity of prudential regulations and the availability of financial infrastructure such as payments and settlement system are worked through developed and agreed upon for adoption by all the countries.
-8-  In 2011, we asked whether the 2 per cent target should be lowered, and in 2016, whether it should be raised. Decisions to alter the target rate of inflation require that we balance two considerations. On one hand, higher inflation is economically costly.