On the other hand, their crisis-fighting efforts have to be designed and communicated in full consistence with their long-run price stability mandates. To successfully manage this balancing act, monetary policy-makers must clearly distinguish between their objective, which serves to firmly anchor market expectations, and their conduct of policy, which should flexibly adjust to the specific challenges at hand.
Andreas Dombret: Europe’s way forward Speech by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, on the occasion of the change of the Head of the Bundesbank’s New York Representative Office, New York, 2 July 2013 *  *  *  Introduction Governor Powell Excellencies Distinguished guests Ladies and gentlemen It is a pleasure for me to welcome you to the Bundesbank’s reception in New York.