However, central bankers, like educators, require some flexibility in applying their tools in order to respond appropriately to changing circumstances over time. The emergence of sustained inflationary pressures in the 1960s and 1970s and central banks' long and difficult struggle to combat these pressures helped forge this consensus.
In a world that is changing quickly, the only strategy that is guaranteed to fail is not taking risks.” Ladies and gentlemen, I thank you for your attention and wish you a fruitful meeting. 6  BIS central bankers’ speeches