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Challenges for Central Banking (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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Challenges for Central Banking (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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It may be possible to claim that, generally speaking, central banks
around the world have never before held such a central and
well-respected position in their respective countries as they hold
now. Their tasks seem to be reasona bly well defined and the
mandate given to them to guarantee price stability has so far
worked more successfully than was perhaps expected. Inflation is
lower than it has been for a long time. One central bank after the
other has been given a position independent of normal party
political processes. Re search concerning monetary policy and other
topics of relevance for central banking has made good progress
during the past decade. Much of the mys tique that has typically
surrounded the internal work and decision-making of central banks
has gradually disappeared. Instead, openness and transparency have
become the key words of the day. The communication channels of
central banks; speeches, inflation reports, minutes of meetings,
etc. receive considerable attention and often give rise to
headlines in the media. The en vironment in which central banks
work and act today has thus undergone changes that in my view are
very positive. However, we should always be on our guard against
complacency. It would be most dangerous for central bankers today
to sit back and relax in the belief that all of the important
problems have been resolved and need no further consideration.
Unless central bankers remain constantly alert and vigilant, their
policy-making can easily deteriorate."
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