, since a well - functioning payment system can promote commerce across a broader range of consumers and businesses. while achieving goals like network scale and interoperability is a complex problem, technical standards are one part of the solution to support consistent communication among existing and emerging technologies. perspectives on technical standards a technical standard is simply a common specification or guideline. for example : when i drive across the country, i do not need to worry about whether pumps at different gas stations will fit my gas tank. that is because there is an agreed - upon standard. or, in the example of payments, financial institutions adopt messaging standards to allow systems and networks to communicate with one another. 2 / 5 bis - central bankers'speeches if done well, the development and adoption of technical standards can help increase efficiency across payment chains and promote consistency in how disparate systems communicate. this requires standards that are technically sound, implemented consistently, and timed correctly to meet a market need. technical standards - such as those developed within the international organization for standardization ( iso ) - are voluntary, open, and consensus - based. the collective market can identify frictions where standards would be beneficial, and then individual firms can choose whether and when to adopt them based on perceived benefit. the process to develop the standards is open and transparent, and it requires consensus at every step. this process establishes standards that are seen as credible and legitimate. considerations and lessons learned it is important to note that simply having a standard in place will not automatically translate to economic benefits. to achieve network effects, standards must be widely adopted. developing consensus - based standards implies that all relevant participants are at the table and advocating for their interests, which is not a given, but is critical if standards are to be widely adopted. timing is also important. in the early stages of technological advances, standards should not be overly prescriptive to stifle innovation and should be flexible and adaptable as the market changes. conversely, waiting too long to adopt a technical standard could lead to inefficiencies and high costs to comply after the fact. standards also need to be implemented consistently, which requires industry coordination to align on common practices. building on previous lessons learned, the iso 20022 messaging standard was developed to be a common standard for multiple payment rails, with a structured data format, and aims to align messages across payment systems. nonetheless, there has been variation in iso 20022 implementation, and further industry coordination over time will be necessary to align on common practices.

forecasting inflation and in assessing the appropriate course of monetary policy. it is important that, as the forces retraining inflation dissipate or reverse, that this upward pressure on inflation is not reinforced by inflationary pressures generated from very high utilization rates. the key to sustaining the best possible performance going forward is making the transition from the current state where performance is exceptional but unsustainable to the best possible sustainable state. that will require a slowdown in growth, preferably in the near term. asia may accomplish this, in which case it would substitute for monetary tightening that in my judgment would otherwise be required. [UNK]