It is therefore certainly true that there is much more commonality and shared interest between the largest central banks than is sometimes assumed in the public debates about our respective policies. However, different approaches and open questions continue to exist. Against this background, a conference on monetary policy strategy will undoubtedly be enriched by the various perspectives which different central banks can provide.
Ideally, such a joint effort will enhance our knowledge about common challenges as well as develop a beneficial, mutual insight into issues on which we take a more idiosyncratic course. I am therefore very pleased that the Deutsche Bundesbank and the Federal Reserve Bank of Cleveland have been able to organise this joint conference on research issues related to monetary policy strategy and communication.