The “ethic of conviction” makes the decision-maker find his essence in the constancy of his inner relation to certain ultimate value, to paraphrase Max Weber. 24 There must be therefore a full integrity between intention and action. In “normal times” central banks’ governing councils seem to me very much guided by such an ethic of conviction.
Their intention, their ultimate value is crystal clear: it is the delivery of price stability in the medium and long run, as the primary goal and as a necessary condition for the highly desirable objectives of sustainable and balanced growth and sustainable job creation.