Over time, the number of independent central banks has increased significantly, and independence no 7  The concern that the gold standard increased the volatility of output is reinforced by Barry Eichengreen’s (1992) conclusion that the gold standard contributed to the severity of the Great Depression.
In standing by its commitment and clarifying its policy stance, the Bank will further encourage positive initiatives taken by a wide-range of economic entities from the financial side. The Bank is therefore determined to fulfill its responsibility toward achieving sustainable economic growth through price stability.