In sum, over the past twenty-five years some important consensuses have been achieved on the best way to conduct monetary policy. Central banks have adopted price stability as a key long-term objective, and they have become more transparent and systematic in their operations.
In the United States, concern over fiscal consolidation has not dissipated in financial markets even though the debt ceiling problem has settled for the present, and views on the economic outlook have become more cautious. The sovereign debt problem in peripheral European countries still warrants attention and emerging economies face the challenge of achieving price stability and economic growth at the same time.