Borrowing wording from the statutes of the Bank of Estonia, Niemeyer proposed “stability of the value of its notes as the primary duty of the Bank,” and required it “to exercise control over monetary circulation and credit towards that end.”3 That, argued Niemeyer, was simply the standard specification for a central bank at that time.
Before I leave the floor, let me take this opportunity to pay tribute to the memory of our colleague, Andrea Generale, a talented, committed researcher and then regulator, who passed away a year ago after a long illness. Besides being a highly qualified senior professional, Andrea 9  was generous and open with everyone.