Concluding remarks Under the environment of financial integration, the task of a central bank in maintaining both monetary and financial system stability has become more challenging. To navigate under this changing environment, in my view a central bank should have at least three critical tools at its discretion. First is the flexible exchange rate system, which provides for autonomy of monetary policy.
3 For more information, see the Centers for Disease Control and Prevention’s COVID data page, which is  available at covid.cdc.gov/covid-data-tracker. 4 See the lower panel of figure 3 in Lael Brainard (2021), "How Should We Think about Full Employment in the  Federal Reserve’s Dual Mandate?"