So there needs to be an effective and disciplined consideration and weighing of the costs, benefits and trade-offs involved in any regulatory intervention; Predictable, because consumers and firms need to understand what the Central Bank is trying to do, and what it is we expect others to be doing.
Policies to safeguard the benefits of technological progress should go hand in hand with a firm commitment to international integration: it would be a serious mistake to believe that disengaging from global responsibilities could make it easier to achieve long-lasting benefits at home.