Even if the textbooks did provide us with clear-cut answers, these would not instantaneously help resolve the problems we face, as there are no binding powers to ensure their policy implementation across jurisdictions.
In this regard, I would like to emphasize that a deep understanding of the textbook principles is important, but at the same time, thinking in a textbook manner alone is not sufficient. Allow me now to confirm a very basic principle from the textbooks. Central banks in every jurisdiction bear the ultimate responsibility for the price stability and economic stability of their jurisdiction.