The role of the Central Bank includes ensuring that the financial system is resilient to economic shocks like the one we now face and to act across our mandate to minimise the impact on households, businesses and communities as far as possible. A resilient financial system provides the foundations for protecting savers, borrowers, investors, insurance policyholders, and supporting economic growth and businesses.
Among central bankers and economists, overwhelming agreement exists that there is no long-run trade-off between real activity and inflation. Attempting to use monetary policy to raise real economic activity above its sustainable level will, in the long run, simply lead to ever higher inflation, not faster economic growth.