This is important because central banks are – undeservedly – considered to be the only player with room for maneuver and therefore subject to unreasonable expectations of what monetary policy might achieve. These expectations should be downplayed to avoid disappointment with the public and the political pressure that might follow.
In the printed format of this message, I placed the following title: “Strength Without Agility is Mere Mass.” This is a direct quotation from Fernando Pessoa, Portuguese poet, writer, literary critic, translator, publisher and philosopher. The quote stirred me as I thought of our economy’s strength. We enjoy today a robust macroeconomy owing to strategic and comprehensive reforms boldly taken through the years.