It is therefore important to recall that a central bank’s credibility and, ultimately, the successful fulfilment of its mandate hinge on its ability to choose the appropriate policies independently. 3/4  BIS central bankers' speeches  Innovations in payment systems Finally, as regards innovations in payment systems, depending on their design, stablecoins may help overcome current shortcomings, especially in cross-border payments.
Conditional on a 1 percentage point change in the interest rate, on average inflation declines by around 0.3 percentage points and the output gap by 1 percentage point at the peaks of the respective impacts.