It is therefore certainly true that there is much more commonality and shared interest between the largest central banks than is sometimes assumed in the public debates about our respective policies. However, different approaches and open questions continue to exist. Against this background, a conference on monetary policy strategy will undoubtedly be enriched by the various perspectives which different central banks can provide.
These are mostly based on the idea of using monetary policy means to devalue a country’s own currency in order to promote growth and employment. In order to strengthen growth and employment in the euro area over the long run, however, the member states will have to ensure competitive economic structures.