In doing so, I believe we should strengthen our commitment to four fundamental principles of sound central banking. During the past eight years, I have spoken and written frequently about ways to improve the framework we use for making monetary policy decisions.
In my view, the monetary policy framework is most effective when the central bank: •  commits to a set of clearly articulated objectives that can be feasibly achieved by monetary policy;  •  conducts monetary policy in a systematic, rule-like manner;  •  communicates its policies and actions to the public in a clear and transparent way; and  •  protects its independence by being transparent and credible in pursuit of its goals.