And the idea that we could have a medium to long term trade-off between inflation and growth is now rejected and that is the reason why you either have a monetary policy concept of our own kind in Europe or the so-called inflation targeting concept, which is very much generalised around the world and which is underpinned by exactly the same idea: by giving the central bank the task of delivering price stability, we pave the way for sustainable growth and job creation.
In the context of this auction mechanism, the Bank designated a number of financial institutions as government securities intermediaries (GSIs), licensed to participate in government bond auctions either on their own account or on behalf of the public.