The third era confronts us with the question of  2  See Declaration of Policy, section 2 of the Employment Act of 1946, Pub. L. 79-304, ch. 33, 60 Stat 23 (1946), available at https://fraser.stlouisfed.org/scribd/?title_id=1099&filepath=/files/docs/historical/congressional/employment -act-1946.pdf. A modified version of those goals formally became the Fed’s dual mandate in 1977.
(2018), “The euro area’s three lines of defence”, speech at the conference “Deepening of  EMU”, Ljubljana, 2 February. 5 See Cœuré, B. (2019), “The euro’s global role in a changing world: a monetary policy perspective”, speech at the  Council on Foreign Relations, New York City, 15 February.