For example, at the 1922 Genoa International Economic Conference, which aimed at restructuring the international economic and financial system in the post-World War I period, in the resolution concerning currency there was a proposal that “banks, and especially banks of issue, should be free from political pressure.”3 It goes without saying that, in subsequent decades, the German public and the Bundesbank played a significant role in establishing the concept of central bank independence at an early stage.
We can look at the four key principles that emerged as part of the OECD consensus during the 1980s. The first principle relates to monetary policy. It basically recognized price stability as the appropriate goal for monetary policy over the medium term.