Only a few countries, such as Germany, were an exception to this rule, as the Bundesbank’s emphasis on monetary aggregates resulted in a much tighter monetary policy. By the end of the 1970s, central banks put renewed emphasis on credibility and started to tighten monetary policy so that inflation decreased significantly.
1  See Bordo M. (2007), “A Brief History of Central Banks,” Economic Commentary, Federal Reserve Bank of Cleveland. BIS central bankers’ speeches  1  In many countries central banks were granted independence and were given a mandate to keep inflation low. As a result, stable prices have become a fact of life for billions of people.