In addition to that interface problems can be reduced and, as a result, the costly conversion into other standards can be avoided. Standard data formats (e.g. SWIFT and EDIFACT), address codes (e.g. bank code numbers, BIC and IBAN) and communication protocols (e.g. ISO/FTAM) as well as the standard general procedural arrangements and legal frameworks are examples of how such objectives can be achieved.
This view is consistent with the projections of appropriate monetary policy prepared by FOMC participants in connection with our September meeting.4 The median projection for the federal funds rate rises only gradually to 1.1 percent at the end of next year, 1.9 percent at the end of 2/3  BIS central bankers' speeches  2018, and 2.6 percent by the end of 2019.