Our model based assessments of the inflation path are almost surely going to differ a little from the realization, given that the world is uncertain, but they are our best professional assessments, and we set policy based on those assessments.
For now, let me just briefly rehearse some of the efficiency gains that T2S will bring. First and foremost, lower fees. In fact, with T2S the cost of settling cross-border transactions in Europe will be lowered, and more appreciably so with the gradual increase in settlement volumes as migration proceeds. Second, T2S will greatly facilitate transfers of collateral, hence liquidity management.