For instance, the existence of large and persistent disinflationary shocks related to, say, the ability to compare prices more actively via the internet and diversify suppliers is likely to call for more flexibility. But a persistent failure to meet the inflation aim can feed into inflation expectations and would call for a shorter policy horizon.
Here, I take the liberty of representing the Board of the Monetary Authority of Macao (AMCM) to extend our warmest welcome to Mr. Francis Tam, the Secretary for Economy and Finance; Mr. Zhou Zhikui, the Director of the Economic Affairs Department of the Liaison Office of the Central People’s Government in MSAR; our distinguished guests and friends of media.