The three pillars of the pricing policy will be implemented in accordance with similar payment service clusters to simplify, harmonize, and simultaneously reduce transaction costs in digital payment systems. Therefore, the pricing scheme needs to continue providing attractive and profitable incentives for the industry to continue investing and innovating, without burdening the consumer.
What are the supporting policies? Let me turn to my second question, which is how the Bank of Canada’s toolkit, along with other public policies, can support whatever monetary policy framework we end up choosing. This is critical, since none of the options materially changes the need for an unconventional policy toolkit.