The ultimate goal must be – as remarked by President Lagarde recently – to bring the ECB and the Eurosystem as close as possible to all European citizens, the people we ultimately serve (Lagarde 2020).35 Once we have done that, we will know that the age of ‘mumbling incoherence’ is well and truly over.
[1] I would like to thank Giuseppe Corbisiero and Rebecca Stuart for their contribution to my remarks. [2] See Lucas, R. (1972), “Expectations and the neutrality of money,” Journal of Economic Theory, 4, 103-124; Lucas, R. (1973), “Some international evidence on output-in ation tradeoffs,” American Economic Review, 63, 326-334; and Lucas, R. (1976), “Econometric policy evaluation: A critique,” Journal of Monetary Economics, supplement, 19-46.