As a starting point, allow me to list the most important ones: First, monetary policy must be given a clear and unambiguous mandate to maintain price stability. Ever since the classic contributions of Tinbergen and Theil, 1 it has been recognised that a central bank endowed with one policy instrument can only pursue one goal.
Given the “long-run neutrality” of money and monetary policy – surely one of the most widely-accepted principles in modern macroeconomic thinking – the only feasible objective for monetary  1  See Tinbergen (1952) and Theil (1961).