This implies that “price stability” does not always correspond to the achievement of a specific rate of inflation in terms of a specific price index within a specific time horizon. Conclusion I have reviewed the challenges for sustained economic growth under changing economic, social and international environments.
I expect that through discussion, those from both academic circles and central banks will learn more, share insights, and make the most of the wisdom for the future conduct of monetary policy. I certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy. Thank you. BIS Review 41/2004  3