Die Währungspolitik besitzt daher für die Wettbewerbsordnung ein Primat” (Grundsätze, p. 256). BIS central bankers’ speeches  1  [“All endeavours to realize a competitive framework are in vain unless a certain level of monetary stability can be ensured. Monetary policy thus has primacy for the competitive order.”] These principles entail stringent rules that restrict discretionary policy intervention.
They thereby provide a predictable environment for private savings, consumption and investment decisions. But this rule-based approach should not be understood as restrictive or oppressive. By contrast, it defines the scope of economic freedom and aims at setting incentives to the benefit of the individual and the whole society.