These conditions are largely satisfied when monetary policy is primarily geared at achieving price stability. Especially if we compare this with monetary policy disciplined by a dual mandate, which is – in Volcker’s words (2012) – “operationally confusing and ultimately illusionary”. Second, the ECB should continue to explain the rationale behind its unconventional monetary policy measures to the public.
I deeply appreciate and thank the Governor of the Bank of Mauritius and Honorary Professor Rundheersingh Bheenick for presenting me for the conferment. This event is of special significance because the University commands immense prestige and has collaborations with several globally renowned academic institutions across the continents. The well known Indian Institute of Technology, Kanpur, India, is an example.