There are two things there.
First of all, as to what's changed or hasn't changed, I think what hasn't changed is that since 1995, the inflation target has been 2%. I think the agreement in December 2021 was clearer about the role of the labour market in the formation of monetary policy. It was clear that our primary objective is low, stable inflation, and in pursuing that, we look at the labour market carefully. We want to support strong levels of employment. I would say that the agreement in December 2021 really was not a big change. It was more about continuity, and I think it did add some clarity.
With respect to what has changed—and this has been very important through the whole pandemic period—we have been putting more emphasis on the labour market. You asked what we can see that's changed. I think what you can see is that we are putting out much more analysis on the labour market. We are looking at the labour market at a much more disaggregated level. We're not just looking at the big aggregate statistics like the unemployment rate and the amount of employment. We're looking at it by different demographic groups—age, gender, high-income workers, low-income workers—and that is helping us get a better picture.
You talked about how it affects us right now. Right now we're looking at how higher interest rates are working their way through the economy to bring inflation down. Looking at the labour market at a more granular level is one way we can get a better picture of that, which should lead to better decisions.