3  See Chairman Bernanke’s May 25, 2010, speech, “Central Bank Independence, Transparency, and Accountability.”  8  BIS central bankers’ speeches
Indeed, one explanation for the superior inflation performance of the US relative to the euro area over the recent decade is the greater alignment of monetary and fiscal policies in the former. Accordingly, the key risk in the post-pandemic period is that poor coordination between monetary and fiscal policy leads to a continued and pronounced undershooting of the inflation objective.