7  The real funds rate prescribed by the Taylor rule also would not depend on inflation, obviously, if inflation were at its desired level. This does not mean, however, that a Taylor rule policy would replicate the neutral rate.
Once again, this was not a final decision but was announced as a basis for the subsequent phase of consultation that is now being completed. BIS central bankers’ speeches  3  As well as looking at the overall level of interchange fees, the Review is also considering a number of related issues concerning coverage and compliance.