On the other hand, this episode is slightly different, because the imported inflation is concentrated overwhelmingly in goods prices, which tend to react faster. Quite a bit of the current rise in inflation is actually coming directly from the higher price of oil, something that is likely to fall away through the early part of 2022. (It’s worth leafing back to Chart 7 to get an idea of the timing and scale of the effect.) And, as we’ve seen, periods of rapid price rises in other traded goods haven’t just been temporary – they’ve often been followed by below-average rates of inflation. So, while we know it’s going to go further over the next few months, I’m not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation 18-24 months ahead, the horizon more relevant for monetary policy. Of more relevance, I think, is what’s happening in the domestic economy. As ever, and despite my concentration today on all the texture under the macro-economic surface, the outlook for aggregate demand growth still matters. And for all the usual reasons and more, the Committee will have to pay very close attention, parsing the official data as best it can, to the numbers in the labour market. Thank you. 21  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  21
M R Pridiyathorn Devakula: FSAP from the Thai banking perspective Statement by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the United Nations Conference Center, Bangkok, 15 October 2004. *  *  *  Distinguished guests and participants, Ladies and Gentlemen, Good morning. It is a great pleasure for me to open this important workshop and give a keynote speech. The objective of today’s event is to introduce the joint IMF-World Bank initiative called the Financial Sector Assessment Programme, otherwise known as FSAP, so that at the end of today we will all have a common and thorough understanding of what FSAP is about, how much work it would require of whom, and what benefits there would be for Thailand to participate in. This is a tall order to be achieved in one short day, but I am sure we can do it because we are fortunate enough to have with us two senior and highly experienced staff from the IMF: Mr Stefan Ingves and Mr. Udaibir Saran Das. On behalf of the Bank of Thailand and all the participants, I would like to thank both of you very much for making the time to be here despite your busy schedule. We are indeed grateful for your assistance. By way of introduction, let me very briefly give you an overview of the FSAP and how it might complement and enhance our ongoing efforts to improve corporate governance and promote safety and soundness of the financial system in Thailand.