As for the second pillar, in a phase of strong growth upward risks to price stability currently relate mainly to the spillover of rising import prices to consumer prices, owing both to the lagged effects of the exchange rate depreciation and to rising oil prices. In fact, most inflation forecasts have been revised upwards over recent months. This is a matter of concern.
Doing so requires a payments and settlements system that is holistic and efficient, from large-value to retail payment systems and securities settlements. This must be supported by the necessary financial market infrastructures – CCPs, CSDs, TRs – run under uncompromising standards of good governance and risk management.