of many market participants, and this varies significantly across jurisdictions. this variation, coupled with the diverse nature of fx markets globally, means that a ‘ one size fits all ’ approach to adherence would not be appropriate. the final framework for adherence will need to strike the right balance between respecting the existing diversity across different markets, and maintaining consistency with regard to what is a global initiative. in that regard, we have articulated three principles which underpin our overall approach to adherence. • universal : the global code should apply to all wholesale fx market participants, based on the activities they undertake and subject to compliance with any applicable regulations. we have been working hard to incorporate the perspective of all types of wholesale fx market participants into the draft code, and we want it to be widely applicable across the market. • proportionate : how wholesale fx market participants adhere, and demonstrate their adherence, to the global code should be proportionate and appropriate to the type of participant and the context of the local financial markets. • transparent : the mode of adherence should be transparent, to enable monitoring and market discipline. it is worth stressing that the “ proportionate ” principle is not designed to lower the bar – it is designed to reflect the differences in the type and volume of market activities of certain market participants and the variation in fx markets worldwide. the concrete details of the adherence mechanisms remain a work in process. we will have more to say on this in new york in may. at this stage, our thinking is that there is unlikely to be a single adherence mechanism but rather a suite of mechanisms. conclusion that, i trust, gives you a reasonable overview of the state of play on the global code. a lot of work has been done to get us to this point. there is still a lot of work to be done. the work to date has reflected a very constructive and cooperative effort between the central banks and market participants. all of us recognise the need to restore the public's faith in the foreign exchange market and the value of the global code in assisting that process and also in helping improve market functioning and confidence in how the market functions. i expect that cooperative relationship will continue as we see this process through to its conclusion in may next year. bis central bankers ’ speeches

, the board announced on tuesday that drawings under the tff will close at the end of june, although the stimulatory impact of that program will continue for another 3 years. the current program of bond purchases runs through to early september. a decision needs to occur on the yield curve target as to whether to stay with the april 2024 bond or extend it to the november 2024 bond. at its meeting earlier this week, the board announced that it will announce the outcome of both these decisions at its july meeting. these decisions will take account of state of the economy and the state of financial conditions, including whether financial conditions are appropriate for the state of the economy. the assessment will also take into account the state of the world economy and the policy settings of other central banks, as is always the case. the board is prepared to undertake further bond purchases to assist with progress towards the goals of full employment and inflation. the board places a high priority on a return to full employment. beyond that, at some point in the future the board will consider an increase in the cash rate target and the interest rate on es balances. the board earlier this week continued to reiterate its forward guidance. the board will not increase the cash rate until actual inflation is sustainably within the target band of 2 to 3 per cent. for that to occur, we will need to see further significant gains in employment and a lower unemployment rate. we will need a tighter labour market to lead to higher wage rises. in the board's central scenario for the australian economy, it does not expect these conditions to be met until 2024 at the earliest. conclusion in australia, the monetary policy response to the pandemic is aimed at ensuring borrowing costs in the economy remain low for households, business and governments, and providing an environment that is supportive of credit growth. the monetary response comprised a number of different but complementary actions. the monetary policy package has worked broadly as expected in supporting the economy. the recovery in the australian economy has significantly exceeded earlier expectations, reflecting the sizeable fiscal and monetary policy support, as well as the favourable health outcomes. but significant monetary support will be required for quite some time to come. appendix https : / / www. rba. gov. au / speeches / 2021 / sp - dg - 2021 - 05 - 06. html 23 / 26 5 / 6 / 2021 monetary policy during covid | speeches | rba table 1 : chronology of rba's support for