Politicians have effective and eﬃcient instruments – taxes or emission certiﬁcates – to reorient our economy in a targeted and long-term manner. Monetary policy and its toolkit, by contrast, are cyclical and designed broadly to steer consumer price inﬂation.
However, one important lesson to be learned, is that we need to pay greater attention to the long-run implications of financial imbalances on price stability. I am confident that this conference will deal with a lot of the aspects I have mentioned in my speech. I firmly believe that this conference will prove that history will teach us more than nothing.