- term inflation expectations become poorly anchored or become anchored below the stated inflation goal. 17 in part because of that concern, some economists have advocated “ makeup ” strategies under which policymakers seek to undo, in part or in whole, past inflation deviations from target. such strategies include targeting average inflation over a multiyear period and price - level targeting, in which policymakers seek to stabilize the price level around a constant growth path. 18 these strategies could be implemented these risks could be exacerbated if households and businesses expect monetary policy to be insufficiently accommodative because of proximity to the elb. for related discussions, see reifschneider and williams ( 2000 ) ; adam and billi ( 2007 ) ; nakov ( 2008 ) ; and hills, nakata, and schmidt ( 2016 ). eggertsson and woodford ( 2003 ) provide an early discussion of how optimal monetary policy at the elb entails a commitment to reflate the price level during the subsequent economic expansion. nessen and vestin ( 2005 ) discuss the relationship between average inflation targeting and price - level targeting. there is a dearth of empirical evidence on strategies seeking to make up for inflation deviations. central banks that pursue an inflation goal generally seek to achieve a specific rate of inflation by some time horizon — typically a couple of years ahead or over the “ medium run ” — without regard to past inflation deviations. one exception is the reserve bank of australia, whose inflation goal is specified as a range of “ 2 – 3 per cent, on average, over the medium term ” and thus might embed some notion of history dependence. however, ruge - murcia ( 2014 ) argues that the drift in the price level in australia is comparable with the drifts observed in economies with purely forward - looking specification of the inflation goal. the only known historical example of price - level targeting occurred in sweden from 1931 to 1933 when the country abandoned the gold standard and attempted instead to maintain its price level. the temporary adoption of price - level targeting is credited with helping sweden avoid deflation, an outcome that contrasted with that in countries that stayed on the gold standard. see berg and jonung ( 1999 ). - 8either permanently or as a temporary response to extraordinary circumstances. for example, the central bank could commit, at the time when the policy rate reaches the elb, to maintain the policy rate at this level until inflation over the elb period has, on average

relevant, accurate, timely and sufficient data – including positive – collected on a systematic basis from all reliable, appropriate and available sources, and should retain this information for a sufficient amount of time. achievement of this principle will call for the collective contribution of all parties here today. the governing council and the secretariat will need to work together to support various credit providers who sign up to share data. good quality data will guarantee that the risk management tools and models developed from the data trends are robust and reliable. this way, the credit granting process will become more refined and more efficient. lenders will soon move away from mere use of ‘ gut feeling ’ or other rudimentary forms of information gathering that are unreliable and costly to assemble. by paying attention to maintaining high quality data in the credit reference bureaus, the players will also minimise contentions by borrowing customers as every effort must be made to address customer complaints on data accuracy. all lenders need to appreciate that the bis central bankers ’ speeches first port of call in resolving customer complaints must always be within the lending institution itself. where disputes cannot be settled internally, institutions must bring them to the attention of an industry mediation process. in this connection, i am pleased to note that the akcp secretariat has put in a lot of work towards developing a cis dispute resolution handbook. the akcp secretariat will soon be ready to conduct a public launch of its alternative dispute resolution mechanism and create awareness on the out - of - court settlement process. this will mark an important step towards adding credibility to the cis process. central bank is ready to provide required support needed to make this launch a success. ladies and gentlemen : i now wish to turn to the important role of akcp in contributing to policy and legal reform. the 4th of the general principles for credit reporting states that : the overall legal and regulatory framework for credit reporting should be clear, predictable, non - discriminatory, proportionate and supportive of data subject and consumer rights. the legal and regulatory framework should include effective judicial or extrajudicial dispute resolution mechanisms. while we recognise that the role of formulating a robust legal and regulatory framework remains with the regulators, the central government and parliament, we would like to forge a partnership with industry players in achieving this important function. we therefore encourage you to form relevant committees that will consult with, and make proposals to, the regulators in matters of cis. due to the multiplicity of regulators involved, i urge the secretariat of akcp to liaise with the