Many discussions of monetary policy simply talk about the Federal Reserve setting the federal funds rate to promote our goals of maximum employment and price stability, without giving attention to the specific actions we take to put the federal funds rate where we want it—that is, to the way we implement monetary policy.
Of course, this year also marks the 20th anniversary of the euro. Such anniversaries are a good opportunity to look back and reflect on what has been achieved over these years, and to think about what steps we now need to take to ensure that the coming years will be prosperous for everyone in the euro area.