BIS Review 128/2009  5  unlikely to consist either in asking countries with dollar-peg regimes to shift abruptly to a fully flexible regime or in the quest for the “holy grail” of a single world currency – which would require very high flexibility in the markets for goods and services in all the national economies.
The task of conducting monetary policy, as well as all other central banking tasks, has been assigned to an independent central bank with a clear primary objective of maintaining price stability.