Otherwise, price stability can only be maintained at a high cost in terms of lost output and employment. This also explains why independence should not mean isolation. It is important to have a regular exchange of information and views with other policy-makers.
We are not the only game in town. And if we find ourselves alone on the field, we need to bring the other relevant players back and remind them of their responsibilities. Central banks cannot solve the crisis. And we should avoid overburdening monetary policy by trying.