Globalisation will have played a supportive role, but, in the final analysis, it is monetary policy that is responsible for medium to long-term inflation outcomes. Academic research has contributed in important ways to such a consensus view. Take as examples the rational expectations revolution, the literature on time inconsistency, and the empirical research on the macroeconomic outcomes of central bank independence.
And I am no longer talking about plans and intentions in general, but about building up concrete mechanisms and targeting figures to ensure not only sufficient liquidity levels but also an adequate volume of lending to enterprises.