Large-scale financial institutions should take the lead, use digital transformation as the opportunity, and explore a new model of coordinated development where the development of large-scale institutions drives that of small-sized institutions and stronger 3/4  BIS central bankers' speeches  ones support weaker ones through capacity output, technological transfer and collaboration within the sector, so as to bolster digital operations across the sector.
Only exogenous innovations to the numerical objective will – after some time – result in lasting changes in inflation and, as a consequence, in persistent changes to money growth. However, this lag structure implied by the model – where changes to the inflation objective precede changes in inflation, which in turn precede changes in money growth – is at odds with the empirical evidence.