This means that the exchange rate is an important variable for monetary policy conduct. These arguments become more convincing in the absence of an international monetary system and a recession in the main reserve currencies of the world. Challenges for monetary policy are also reflected on a shift in central banks´ goals and instruments.
The ongoing crisis is making somewhat obvious that financial stability is relevant for central banks. Mostly ignored (or left as a “by-product”), today financial stability is a goal as important as price stability. Furthermore, in my view, how to handle the links and trade-offs between these two goals is what would make us succeed as central bankers.