- series applications, to semi - structural econometric frameworks in which the natural rate is a latent variable, to fully structural, though extremely simplified, models ( such as overlapping - generations or dynamic stochastic general equilibrium models of the new keynesian tradition ). for a recent survey and estimates of r star for both the united states and the euro area, see neri and gerali ( 2019 ). see, for example, lane ( 2022a ) and panetta ( 2022 ). the variety of methodologies used by the ecb is reported in panetta ( 2022 ) and described in the references mentioned therein. for recent considerations on the relevance and use of the natural rate see hernandez de cos ( 2022 ) and villeroy de galhau ( 2022 ). even if long - term inflation expectations are still anchored and wage growth remains moderate, the high level of inflation and the need to increase the extremely low values achieved by short - term interest rates in real terms require policy rates to continue to rise. the high uncertainty surrounding the economic prospects, however, suggests prudence in setting the “ pace ” of the rate hikes and strongly advises against committing to a pre ‑ determined terminal point for official rates. our future decisions will therefore continue to follow a meeting - by - meeting approach and will be data - dependent – meaning, however, that they will not simply be dependent on current data, but will instead continue to assume a forward - looking orientation, based on the economic perspectives of the euro area as a whole, over the medium - term. as in other tightening cycles, we will have to discover the terminal rate by proceeding gradually. this does not mean that quantitative assessments cannot be made, based on the experience accumulated to date ; on the contrary, they would be certainly useful for estimating the effects of rate increases on aggregate demand and changes in the costs and prices of goods and services. 16 however, we will have to take these assessments into account together with the information that will gradually become available on inflation expectations and on the evolution of labour income and profits. in any case, today i do not see any obvious reason to tie our hands with hypotheses of extraordinarily high increases, such as those that can be sometimes read, in some cases extrapolating the more recent decisions or the experience of other countries. * * * to conclude, since the introduction of the euro, we have always shown our willingness to invest

sets of issues : 1. the landscape for otc derivatives in india 2. regulatory concerns and steps taken 3. the roadmap for otc derivatives 4. the development of markets in india. bis central bankers ’ speeches the landscape for otc derivatives in india the primary otc derivatives in india : interest rate derivatives – interest rate swaps ( irs ) and forward rate agreements ( fra ) ; fx derivatives - fx forward, options and swaps. the irs and fra were introduced in july 1999 to help banks and pds to better manage their interest rate risk in the wake of deregulated interest rate regime. swaps having explicit / implicit option features such as caps / floors / collars are not permitted. currently, there are four benchmarks used in rupee irs, viz. mibor, mifor, inbmk, miois. the trading is mainly confined to mibor benchmark. the average daily traded volume in the mibor swap over the last three years is placed at rs. 8, 873 crore, quite comparable with that of the g - secs at rs. 10, 937 crore. often the daily traded volume in mibor swaps remained above that of the g - secs. of the mibor swaps, the swaps on overnight mibor, i. e. ois, is the most actively traded instrument. the ois trades are mainly confined to 1 - year tenor, followed by 2 - year and 5 - year tenors. the relatively high volumes suggest that the product is providing a useful way of hedging against interest rate risk. however, it needs to be pointed out that the market is mainly driven by inter - bank transactions. customer - related transactions comprise only about around 1 per cent of the volume. also, the participation profile remained skewed. the share of foreign banks is at above 80 %, whereas the share of public sector banks is at around 1 %. the ois curve has been below the g - sec curve for most of the time. in the otc fx derivatives, forwards have been the most widely used instrument followed by swaps and options. usd - inr futures had picked up substantial volume since their introduction in august 2008, but the forwards still possess the dominant market share. it is evident that hedgers generally still prefer otc forwards to futures, as these provide the benefit of customization, does not involve cash flows related to daily mtm margining and are linked to