In this monetary policy model, the central bank therefore has an ultimate objective (to protect the value of the currency), an intermediate objective (to control the money supply), a supportive objective (to influence the amount of bank credit extension) and a number of operational instruments that can be used to achieve the goals of monetary policy.
Concluding remarks So far, I have reflected on the progress made in the two years since the introduction of QQE, and with this in mind, I also have discussed the developments in economic activity and prices and the Bank’s monetary policy. Lastly, I will conclude today’s speech by sharing my thoughts. In implementing economic policies, many things can happen, expected or unexpected.