I usually quite like the songs written by the English musician Sting, but I think he’s definitely barking up the wrong tree with this provocative song title. My view is that we can indeed learn a great deal from history. So I’m rather more inclined to see things like Confucius, who said: "Study the past if you would define the future."
The history of central banking is highly instructive when it comes to defining the future of central banking. That is why some of the most renowned and influential economists have delved into monetary history. Drawing lessons from the past, however, requires both a profound knowledge of central bank history and a thorough understanding of the challenges that currently face central banking.