In addition, the Board tried to ensure that creditor compliance and operational burdens are justified by the expected benefits to consumers and competition, and to reduce existing burdens if they are not warranted. Developing effective credit card disclosures is particularly challenging because of the complicated and dynamic nature of the product.
Other observers, meanwhile, were advocating a central - virtually all-encompassing - role for inflation forecasts. As is now evident, we were well advised not to yield to either of these calls.