Moreover, we can design and deploy new instruments to counter any threats to price stability that may emerge as we move along the path of policy normalisation. Conclusion Let me conclude. The Scottish philosopher David Hume once said that a wise person proportions their beliefs to the evidence. Likewise, I think the evidence should proportion a wise person’s actions.
This is as true for a wise monetary policymaker pursuing price stability as it is for a wise judge delivering a sound verdict, or a wise construction worker securing structural integrity. In our case, it is our evidence-based monetary policy strategy that enables us to do exactly this.