Indeed, until the 1920s, it wasn’t clearly understood that the Reserve Banks’ purchases and sales of government securities influenced the supply of money and credit in the economy.
Every central bank must operate under its own mandate. The mandate defines the scope of the strategy review. I have also been advocating for a review of the European Central Bank’s monetary policy strategy. The last time Eurosystem has done a comprehensive strategy review was 15 years ago in 2003.