For  BIS Review 36/2010  11  instance, the Committee thought that the chance that inflation would be 2% or higher in 2011Q1 was between 15% and 20%. We can once again use the February forecast to highlight a few of the key messages that the MPC wanted to communicate. In the early part of the forecast period, the probability of inflation being above the target is very high. This is because the data for inflation are well above target at present, and also because the fan chart here is relatively narrow. But the projection for inflation falls over the forecast period. This implies a fall in the probability of inflation being above target. Towards the final part of the projection, the probability of inflation being above the target rises back to being broadly one half. This chart emphasises that, in spite of the most likely outcome for inflation being below target, the nature of the distribution of risks implies that the probability of exceeding the target is about one in two. We can also combine the usual top-down fan chart with the information in the cross-sectional densities to produce a 3D fan chart [Slide 20]. The particular advantage of this chart is that it shows how the overall density changes over time. For instance, when the distribution is very narrow, such as at the start of the forecast period, the probability density at the centre of the fan is higher, simply because the MPC is more confident about its central forecast here.
The building blocks do not require every system to be the same, but highlight areas where benefits can arise from carefully implemented and coordinated harmonisation. This focus area benefits from the building blocks in the first two focus areas and 4 5  https://www.bis.org/cpmi/publ/d193.htm See Annex 2 4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  is a key enabler of innovation as much of the work represents a ‘no regrets’ step towards future technology, some of which we are already considering in the UK as part of our ongoing renewal of our RTGS system. Focus Area D targets data quality and processing by enhancing data and market practice to tackle frictions around fragmented and truncated data. It stems from a simple reality – the better the data we have, the more we understand and can make the right decisions. We know that poor data quality and limited standardisation make cross-border payments more complex to process, in turn affecting their speed, price and transparency. Currently around 60% of all payments need an element of manual intervention. For example, SWIFT estimates that enquiry management is costing banks 25-35 times more than payment processing itself and that efforts to automate cross-border payments processing have had very limited results.6 The building blocks in this Focus Area go deeper than identifying standards: it extends to incorporating crucial mapping and translation tools that support widespread interoperability between systems.