If monetary policy remains a conversation between central banks and financial markets, we shouldn’t be surprised if people don’t trust us. Too many see us as part of a financial system which has failed to deliver growth and fairness. And this also curtails our policy options. Conclusion Let me conclude. Technological progress will continue to transform monetary policy in the future.
To what extent and in what ways will depend both on the preferences of society and the risks that a very protracted period of low inflation poses to macroeconomic and financial stability. There will be evolutionary changes that will ensure that current and tested policy frameworks remain fit for purpose.