The Fed should ensure that it has clearly articulated objectives that can be achieved by monetary policy, with price stability as the primary objective. It should pursue its objectives in a systematic, rule-like manner and help the public understand how policy will react systematically to changes in economic conditions.
Thus, while a better understanding of the implications of globalization will aid in our understanding of inflation dynamics, it is also clear that such developments do not relieve central banks of their responsibility for maintaining price and economic stability. BIS Review 59/2006  5