- The current preoccupation is inflation.
- Inflation is unacceptably high.
- The aim is to bring inflation down to the 2% target.
- Headline inflation is expected to decrease significantly over the rest of the year.
- Enhanced digitalization should not be used significantly to shift the mix of commercial bank and central bank retail money towards the latter.
- The level of economic activity has not managed to grow beyond its pre-pandemic level on a consistent basis.
- The UK economy has shown unexpected resilience in other ways.
- Commitment to physical cash is not altered by work on retail Central Bank Digital Currency (CBDC).
- Both price and wage increases at current rates are inconsistent with the inflation target.
- It’s crucial to see the job through.
- The Monetary Policy Committee (MPC) is monitoring developments in the labour market, wage growth, and services price inflation.
- The main motivation for a retail CBDC would be to ensure the public has central bank money for everyday use.
- It’s important to see the job through.
- Bitcoin-type cryptocurrency is best seen as extremely speculative assets.
- Bank resolution strategies must avoid uncertainty over what will happen to customers’ money.
You can read the full speech HERE
This article was written by Greg Michalowski at www.forexlive.com. Source