And I fully share the view about the need to continue pursuing research and analysis that can provide a stronger scientific basis for monetary policy, while, of course, recognising that monetary policy-making will never be transformed into a routine process of mechanical application of principles and rules.
Nevertheless, there are several issues I would like to elaborate further pertaining to (i) the role and importance of the core scientific principles that should guide monetary policy; (ii) the current state and limitations of the scientific aspects of monetary policy-making; and (iii) the orientation of our future efforts towards enhancing the science and effectiveness of monetary policy. II.