In other words, the conduct of a stability-oriented monetary policy is the means by which, over the medium term, price stability is established and maintained. History – perhaps especially German history – proves beyond doubt that the cost of deviations from price stability, in economic and social terms, is considerable and potentially catastrophic.
Amando M Tetangco, Jr: Leveraging capabilities and synergies for banking excellence Speech by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the First General Membership Meeting of the Bankers Institute of the Philippines (BAIPhil), Makati City, 15 July 2016.