The ongoing financial crisis has highlighted the importance of old issues and raised some new questions, for which I will try to offer an ECB perspective. Exactly four years ago, here in Jackson Hole, I spoke about “credible alertness” in monetary policy. 1 Today it seems opportune to revisit this concept in light of recent events.
BIS central bankers’ speeches  1  Inflation remains below the 2 percent target of the Federal Open Market Committee (FOMC), with total inflation as measured by the price index for personal consumption expenditures at 3/4 percent over the 12 months ending in March and core inflation at 1-1/2 percent, both slightly higher than a year earlier.