9 See Committee on Payments and Market Infrastructures (2018), “Cross-border retail payments”, Bank for  International Settlements, 16 February. 10 See Committee on Payments and Market Infrastructures and Markets Committee, op. cit. Joint research by the  ECB and the Bank of Japan has found that distributed ledger technologies are not (yet) mature enough for large wholesale payment systems.
Expectations are an important determinant of actual inflation because wage and price behavior by businesses and households is partly based on expectations of future inflation.