Jürgen Stark: In search of a robust monetary policy framework
نویسندگان
چکیده
Certainly, some aspects of the framework will, in my view, have to survive the crisis. The first aspect is central bank independence and, at least in the EU context, the prohibition of government debt monetisation. The second aspect is the centrality of price stability for monetary policy. And the third aspect is the importance of transparent communication. The crisis has not at all discredited these three principles. Together they have formed, and I believe will continue to form, the basis for central banks’ credibility and efficiency in contributing to the economic welfare of nations.
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