Figure 3 Inflation and interval for maintained confidence in the inflation target Inflation  t  10  BIS central bankers’ speeches  Figure 4 Inflation below the interval lowers expected and actual inflation  Inflation  t  Figure 5 The central banks need to find ways to extend the interval and maintain confidence  Inflation  t  BIS central bankers’ speeches  11  References Anaya, Pablo and Michael Hachula (2016), The Dilemma or Trilemma Debate: Empirical Evidence. DIW Roundup 95, German Institute for Economic Research (DIW). Aizenman, Joshua, Menzie D. Chinn and Hiro Ito (2015), Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions. NBER Working Paper No. 21128. Ball, Laurence M. (2013), The Case for a Long-Run Inflation Target of Four Percent. IMF Working Paper WP/14/92. Bernanke, Ben S. (2016), What Tools Does the Fed Have Left? Part 3: Helicopter Money. Blog entry, Brookings, 11 April, http://www.brookings.edu/blogs/ben-bernanke/posts/ 2016/04/11-helicopter-money. Blanchard, Olivier, Dell’Ariccia, Giovanni and Mauro, Paolo (2010), Rethinking Macro Policy. IMF Staff Position Note SPN/10/03, International Monetary Fund. Caceres, Carlos, Yan Carrière-Swallow and Bertrand Gruss (2016), Global Financial Conditions and Monetary Policy Autonomy. IMF Working Paper (forthcoming). Côté, Agathe (2014), Inflation Targeting in the Post-Crisis Era. Remarks at Calgary CFA Society, Calgary, Alberta, 18 November. Disyatat, Piti and Phurichai Rungcharoenkitkul (2015), Monetary Policy and Financial Spillovers: Losing Traction? BIS Working Papers No. 518. Flodén, Martin (2015), Sweden needs its inflation target. Speech at Fores, Stockholm, 13 October.

For example, our collaboration with social enterprises has been focused on supporting the youth segment who are not in Employment, Education, and Training (also coined the "NEET Youth"). 9. COVID-19 has been a defining period for the world in many ways. While it has exacted a huge toll on society, it has also become a point of inflection for the adoption of digital financial services. The World Bank, in its Global Findex 2021 report released in June earlier this year, revealed that 79% of Malaysian adults use digital payments, of which 42% did so for the first time after the pandemic. This trend is evident in the strong adoption of e-payments recently, where e-payment usage in 2021 increased by 30% from 2020, a doubling of the long-term average growth rate prior to the pandemic. 10. To sustain this momentum, we will continue to work with the industry and key stakeholders to further promote e-payment adoption through a coordinated nationwide e-payment initiative under the banner of "e-Duit", with the tagline "Selamat, Senang dan Segera". 11. The evolution of digital financial services opens up enormous opportunities to deepen financial inclusion and expand access to previously excluded and underserved populations. But these opportunities can only be fully realised if our society is equipped to use digital financial services effectively, responsibly and confidently. Low awareness and trust, and limited digital and financial literacy, can become barriers to the adoption and effective use of digital financial products and services. 12.