1/5  BIS central bankers' speeches  Today’s event was actually preceded by several singular acts — accomplishments that built upon one another that ultimately comprise the foundation on which the NRPS is built. Laying the NRPS Foundation: PSMB and PPMI In March of this year, the Charter of the envisioned Payment System Management Body (PSMB) was signed by the industry players.
But it is also a blunt instrument that has a wide set of intended but also unintended consequences that can and have worsened economic outcomes including misallocation of precious resources, inflation and long-term unemployment. That is why we want to return to a sustainable long-term equilibrium policy rate, starting soon. The economy is improving and policy should reflect that fact, carefully but confidently.