By “intertemporal” I mean that the Central Bank must have an across-the-cycle rather than a short-term view. In this framework, the monetary strategy includes three main pillars: •  First, a prudent and theoretically consistent monetary policy that ensures the equilibrium between supply and demand in the monetary market.
This system is the most appropriate for an economy in transition that still makes intensive use of relatively liquid means of payment and has a relatively low bank penetration.