I have told you which considerations underlie the choice of a monetary policy for the ECB and I have outlined the differences between monetary targeting and direct inflation targeting. The success of either strategy is dependent on largely identical factors. Here a key role is played by vital concepts such as credibility and transparency.
The multilateral efforts I have just described reflect the growing recognition by both industry participants and regulators that we should see the global payment system for what it really is: an essential global public good whose integrity is increasingly being challenged by malicious cyberattacks and fraud attempts by individuals.