Throughout the past year, inflation expectations remained anchored, which, in my view, provided evidence that our policy was an appropriate response to the combination of shocks we faced.
The advantage of utilising real-time settlement in our fast payment service is that it extinguishes settlement risk and removes the need for other controls over settlement risk, such as caps on exposures. The fact that these controls are not required removes some limitations that might otherwise need to be considered by overlay service providers as they design their products.