Mundell (1963) outlined the hypothesis of the monetary trilemma as a policy trade-off between the choices of monetary autonomy, exchange rate stability, and financial openness. See Mundell, R. A.: “Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates”, The Canadian Journal of Economics and Political Science, Vol. 29, No. 4 (November, 1963), pp. 475–485.
BIS central bankers’ speeches  The lesson from our recent experience is that central banks in large advanced economies can free themselves from the global financial cycle and regain monetary independence, provided that they show clarity in purpose and resolve in implementation.