In particular, as an academic I had written favorably about the flexible inflation-targeting approach used by the Bank of England and a number of other central banks. By making public considerable information about policy goals and strategies, together with their economic forecasts, these central banks provided a clear framework to help the public and market participants understand and anticipate policy actions.
Even if we could establish a global financial system that is robust at this time, such a system is unlikely to last forever, given that a financial crisis beyond our imaginations may occur in the future. Having said this, it is by no means futile for us to examine the relevant issues and pursue a more robust global financial system.