To deliver price stability over the medium term, it is essential that the leadership remain with the monetary authorities. 4.3  Monetary policy and financial market indicators  Let me further observe that the development of financial markets and the introduction of new instruments affect not only monetary transmission but also our decision-making process.
The availability of a wide range of new products gives us a wealth of information that we jacked even just a few years ago. By contrast, the traditional indicators are now harder to interpret. We have at our disposal a large set of information from derivatives markets (futures, options, swaps) that is key to our decision-making.