First, by successfully safeguarding price stability for years. A track record like that also protects their independence. As Harold James once put it, confidence is the hard-won “core working capital of central banks” which it would be very costly to jeopardise.
Guy Debelle: Remarks to the International Monetary Fund Research Conference Remarks by Mr Guy Debelle, Assistant Governor (Financial Markets) of the Reserve Bank of Australia, to the International Monetary Fund Research Conference, Washington DC, 8 November 2013. *  *  *  It is a great honour and pleasure to be here.