Overall the assessment was that the prospect had strengthened for inflation to fall below 2 per cent in the course of 2003 and to remain in line with price stability thereafter. Future prospects The reduction in official interest rates came as the Eurosystem staff projections for 2003 pointed to a downward revision to both the growth and inflation forecasts.
To conclude, the Reserve Bank remains committed to play a catalytic and facilitating role for enabling innovations in payment systems arena, while performing its responsibilities as a regulator and supervisor of payment systems for ensuring their safety, security and soundness, along with customer protection. Thank you. 4/4  BIS central bankers' speeches