The participation of representatives of the two most relevant institutions in the country for this issue and the participation of the distinguished domestic experts and experts of the relevant international institutions, Eurostat and BIS, ensure that today we will enjoy an exciting intellectual debate on the topic we selected, i.e. which inflation indices are the most persuasive, which structure and which compilation methods could give us the best picture of the basic components and  BIS Review 54/2007  1  their contribution to the movement of the inflation; how much is the so-called core inflation relevant for us and in what is the best way to determine it, is the inflation index appropriate with respect to the scope and the structure, does it represent the consumer basket realistically, does it change along with the changes in the consumption, does it overestimate, underestimate or realistically show the actual inflation. Furthermore, do we move along with the international experience, here I refer to the best practices, where do we lag behind, what and how long does it take to narrow or eliminate the lag. The responses and measures for better solutions are not given to us indefinitely. The current lags affect our current decisions. Now, they affect the quality of comparability of our conditions with those of the countries we seek to integrate with.
The regulatory community and the industry must act to ensure that supervisory practices and internal controls within the financial institution remain vigilant and install the necessary safeguards against cyber security threats. There is a need to intensify our efforts in this regard and to place cyber security issues as a priority in our effort to make the financial system safe and sound. Driving the cyber security agenda forward in the industry In many countries, supervisors place significant emphasis on the oversight role of the boards of financial institutions as a primary line of defence. However, in reality, the focus on technology risk remains superficial in most board discussions. In 2012, a survey by Carnegie Mellon among senior executives and directors from among the world’s largest firms across various sectors indicated that, 57% of respondents viewed that boards are not reviewing the existing policies for cyber-related risks sufficiently. Faced with a multitude of issues, board members are likely to prioritise headline issues that are more pressing or more directly related to the core business of the financial institution. More often than not, the cyber security agenda gets side-lined. Supervisors have an important role in encouraging boards to strengthen their oversight over cyber security risks. In fact, because of its importance, a mandatory requirement ought to be the norm. In the digital era, cyber security demands a more strategic and specific focus and should be properly understood at all levels within the financial institution.