Hence, despite the fact that printing money ultimately brings inflation, it is not the focus of their concern, despite the destructive impact it has on the economy and the  2  BIS Review 43/2008  society. In other words, governments in democratic countries have an inflationary tendency.
Some of us well remember Israel’s economy thirty years ago, and the crises that resulted from that tendency. Price stability should thus be placed in the hands of a professional independent institution that is free of any political consideration and involvement, and that will operate with a longterm perspective.