It is therefore in the natural own interests of a central bank to insist on making excessively rigid labour market structures more flexible and not an overstretching of central bank competences, as it is sometimes portrayed in the public debate. Summing up: Monetary policy is well-advised to follow these guiding principles even in the more complex oil price shock environment.
Focusing on price stability to anchor inflation expectations, acting in a systematic strategy compatible fashion, and not trying to fine-tune the policy trade-off discretionary is the best way to confront the limitations of monetary policy in real-time and to limit the danger of becoming overburdened with tasks it can not fulfil.