Page 2 sur 7 Partly, because the not-so-good news is that inflation has changed in nature in the meantime. Indeed, core inflation (excluding energy and food prices), which accounts for no less than 70% of the consumption basket, remains strong and is proving sticky at 5.7%. In other words, inflation has become more broad-based, as also demonstrated by U.S. CPI this morning, and potentially more persistent. But the good news it that this is exactly what we central banks can and must fight back against. Our commitment at the ECB is unambiguous: to make sure that inflation returns towards 2% by the end of 2024 or the end of 2025. And rest assured we absolutely have the will and the capacity to deliver on this commitment. Faced with the surge in inflation, the ECB raised its policy rates at an unprecedented pace (+350 bp since July 2022) to reach a restrictive stance. Page 3 sur 7  But from now on, we are entering a new, more open phase of monetary policy; we are shifting from automatic pilot to navigation by instruments. What does that mean in practice? Our decisions on interest rates will be taken meeting by meeting. This navigation by instruments will especially rely on three cockpit dials: •  The outlook for headline inflation, based on our macroeconomic  projections. •  The dynamics of underlying inflation.
As we already know, the payment and settlement systems are the backbone of the modern economy. In this regard, the Bank of Thailand has laid down financial market infrastructure to facilitate business operations. This year the Imaged Cheque Clearing and Archive System (ICAS) coverage will be expanded across the country to speed up the provincial cheque collection and clearing. This will help promote a more efficient payment system, enabling fast, safe, and secure financial transactions. The Bank of Thailand also encourages the use of electronic payment by coordinating with relevant parties to build infrastructure to facilitate this process. Concluding remarks Ladies and gentlemen, Despite many roles that the Bank of Thailand plays in ensuring economic and financial stability, I would like to say that the Bank of Thailand’s policy alone cannot ensure sustainable economic growth. Given Thailand’s structural shortcomings, there is the need to improve Thailand’s infrastructure and productivity, by improving technology and innovation. The well-being workforce and quality of education and training are also crucial to increasing competitiveness. For this, long-term coherent vision and concerted efforts among all stakeholders, both public and private, are needed. Let me close by leaving you with some final thoughts. Thailand is now challenged by both external and internal risks. These are not necessary unfavorable, as they also come with opportunities to urge us to prepare ourselves collectively to cope with uncertainty in the global economy. In an increasingly volatile world, we must do more.