A solid accumulation of theoretical and empirical work has confirmed the pertinence of monetary policy strategies that ensure “full integrity between intention and action”. The counter example of the Great Inflation, an episode marked by lack of conviction from the part of the central bankers, confirms the decisive importance of the “ethic of conviction”. 24  10  Weber (1903-06/1975), p.192.
BIS Review 111/2010  According to the “ethic of responsibility”, actions have to be analysed in terms of their consequences, taking account of their causal relationship to the empirical world. The stress is put therefore on the integrity between action and consequences and not between action and intention.