Hence inflation as measured by the CPI was boosted, in a year-ended sense, by 3 percentage points for the next 12 months. The increase in the price level was fully anticipated by the public and financial markets. 7 / 14  BIS central bankers' speeches  The Bank did not seek to offset the effect of the GST on the price level.
Yet, while these constraints to market liquidity are likely to be a sign that new regulations could be having unintended and undesired side effects, they should not be used as an excuse to put on hold the search for greater fairness, transparency and ethics in financial markets, both internationally and at home.