In every policy decision that we will make, we will always be guided by the evolving conditions for inflation and outlook, while being mindful of developments in the world economy. On financial stability, the BSP will continue efforts to safeguard the domestic financial system and help manage risks attendant to financial market developments.
In Australia’s case, this approach was enshrined in a document - the 1945 White Paper, “Full Employment in Australia”. This approach to policy was very successful in that it achieved its aims of high growth rates and low unemployment for several decades, and it did so with generally low rates of inflation.