If anything, having an inflation target that is clear and easy to understand helps temper inflation expectations. To conclude, I have underlined some of the challenges facing monetary policymakers in the current postpandemic and energy-crisis environment.
If we keep an open mind and continue learning the lessons of this new environment, I’m confident that we will be able to get our policy right – or if not always right, then at least as little wrong as possible – in the tough times going forward.