Such an evolution has brought many inflation-targeting regimes closer in practice to a dual mandate regime. II. The case for a dual mandate  The appropriate goals for monetary policy depend on the structure of the economy and the preferences of the citizenry. My support for a dual mandate reflects my views about the structure of the economy and about the public's preferences.
Consequently, estimates of the degree of cyclical and structural unemployment have to be made with quite some caution. But it is clear that such heterogeneity in labour market institutions is a source of fragility for the monetary union. 2. Responding to high unemployment  So what conclusions can we draw from this as policymakers?