The central bank should focus on information which provides insight into future inflation, and possibly formulate a number of intermediate objectives, the so-termed intermediate target variables: in Europe today the money supply and the exchange rate often figure as such. The exchange rate in particular plays a major role in open economies, where inflation is due largely to external factors.
The Bank recently announced the Working Cities Challenge, a grant competition for smaller cities in Massachusetts that is designed to foster local collaboration to improve the economic health and well-being of low-income residents. Initiatives winning grants are expected to demonstrate cross-sector collaboration and involve groups that typically do not work together.