What this means in practice is that we will, first, develop a strategic view of the role central bank money plays in the financial system and beyond, considering how wider initiatives impact central bank money and the key objectives I’ve just set out. This is so that we do not lose sight of our statutory economic and financial stability objectives.
The government and the Bank released a joint statement in January. The government clearly stated that it would steadily promote measures aimed at establishing a sustainable fiscal structure with a view to ensuring the credibility of fiscal management. We strongly expect the government to move on that front.