We will have to systematically analyze any changes in the inflation dynamics, such as the trends of inflation and the relationship between growth and prices, and carefully examine whether there might not be points needing improvement in relation to the inflation target level, the method of setting the target, our responsibility for policy explanation, etc.
Cross-border payments obviously involve at least two jurisdictions, and often more, when correspondent banking networks are involved. This often creates frictions – with, as a result, the four challenges I just mentioned. To address these frictions, we will need actions on both an international and a national level. This should lead to a better alignment of regulatory, supervisory and oversight frameworks across jurisdictions.