This is not the first review I have done – I drew some initial conclusions in 1999 after six years 4 of experience. But we now have four more years experience – four fairly eventful years – so we can refine our conclusions. I shall argue that inflation targeting has been a success, on several criteria.
A related focus of the Payments System Board is the important role that new technologies can play in promoting efficiency and competition. In recent meetings the Board has discussed the opportunities that distributed ledger technology could offer in the payments system and in financial market infrastructures. And it is also interested in the potential for fintech to deliver improved customer experiences.