, the case for ignoring that is weak. if oil prices, for example, rise quickly every year, it isn't really credible to abstract from them every year. rather, the question is simply one of whether the combined set of all price movements, whether driven by energy prices or any other influence, will cause the cpi to rise quickly for an extended period. if the answer is yes, then that is called inflation, and is prima facie evidence that policy - makers should take action. if the answer is no, perhaps because non - energy prices are moving in an offsetting way, then price stability is being maintained, and there is no particular implication for policy. in recent years, policy - makers in most countries seem generally, thus far, to have felt that rising oil prices will not threaten medium - term inflation performance. this was partly because there was always thought to be the possibility of some reversal in the oil price itself, but also because overall inflation rates in most countries have remained quite low so far, despite energy price rises. while the strong growth in energy demand in asia for several years has contributed to inflationary pressure through higher prices for oil, asia has also contributed to deflationary pressure via its growing role as a supplier of manufactures and, increasingly, services. the fact that the overall rate of inflation through this period has been fairly well behaved, despite strong global economic growth, is distinctly in contrast to the situation prior to the opec episode in 1974. in that instance, inflation in most countries was already increasing before the rise in oil prices occurred. at issue, then, is whether that situation could change in the near future. it is doubtful that the hurricane - related shock per se would make a large difference. the bigger questions are, first, will the effects of the large cumulative rises in energy prices over several years continue to be accompanied by moderation in other prices, including international prices for traded manufactures and services, so keeping overall inflation in check? and second, will hitherto well - anchored inflation expectations – an important determinant of price and wage behaviour generally – remain that way? policy - makers around the world will grapple with these issues in the period ahead. for now, i shall turn to the australian economy. the australian economy the terms of trade the australian economy, like all other industrial economies, is adjusting to higher energy prices. the thing we are hearing most about is the negative impact on australian households as they bear higher costs for their personal transportation

has great potential. although tips was primarily designed for instant payment settlement in euros, it is a multicurrency system. this feature means that the eurosystem does not only aspire to provide yet another market infrastructure, but also has the ambition of supporting the market by promoting closer cooperation, including with non - euro central banks. indeed, tips is currently attracting considerable interest in the international community of central banks. in april 2020, the riksbank concluded an agreement with the eurosystem to use the tips technical platform for the settlement of instant payments in swedish krona as of may 2022, and is currently working with the bank of italy and the ecb to implement the so - called rix - inst instant payment service. the phase of the project currently under way was preceded by another phase of gap analysis that permitted the identification of all functional enhancements required to allow riksbank to access the tips platform. the most notable outcomes of this gap analysis activity were the definition of a new settlement model, alternative to the one defined on the basis of the sct inst scheme and called single instructing party. 3 the upcoming onboarding of the swedish banking community gave rise to the idea of exploiting the common instant payment infrastructure in order to provide a cross - currency solution for instant payments. this solution will initially involve only the euro and krona communities but, in the near future, it will of course be available for all other currencies joining tips. indeed, the agreement concluded with riksbank last april can represent a starting point for broader initiatives, which may ultimately result in interconnecting other currencies and other currency areas. the danish krone is the next in line. indeed, danmarks nationalbank has expressed interest in joining tips by november 2025. 4 the connection to tips will allow danish banks and providers of payment services to settle payments in both currencies within seconds. enabling the tips platform to process cross - currency instant payments is a response to the burgeoning consumer and business needs arising from the growth of cross - border e - commerce, tourism and migration flows, and must be read as part of the broader g20 initiative to address the key challenges often faced by cross - border payments. in october 2020, the g20 endorsed a roadmap describing the necessary elements of a response to these challenges, in the form of a 2 / 3 bis central bankers'speeches set of 19 building blocks. one of the building blocks ( number