Bank for International Settlements, March. Committee on Payment and Settlement Systems (1995): Cross-border securities settlements. Bank for International Settlements, March. Committee on Payment and Settlement Systems (1993): Central bank payment and settlement services with respect to cross-border and multi-currency transactions (Noël Report). Bank for International Settlements, September.
Low energy prices and the temporary reduction in German value added tax are dampening inflation. But weak demand, notably in the tourism and travel-related sectors, and significant slack in labour and product markets are adding further downward pressure. In this environment, we expect that headline inflation is likely to stay in negative territory until early 2021.