Independence of the Government and the central bank does not mean there should be no room for coordination, that we should disregard each other’s plans and measures in fashioning our own policy. If possible, we should strengthen favourable processes but, perhaps even more importantly, we should counteract the impacts that could drive the economy off its jointly plotted course.
Not a crisis like many we have known over the last 50 years. Not like the first oil shock of 1973 or the second oil shock of 1980. Not an event like the sovereign debt crisis of the 1980s and beginning of the 1990s. Not like the Asian crisis or the dotcom bubble bursting in the early 2000s.