As previously mentioned, in the face of the tensions in the money markets, the major central banks have stepped-up their cooperation, with rather impressive results. Clearly there are further benefits to be reaped from enhancing this cooperation. 5. Concluding remarks  In the current challenging environment, maintaining price stability is both more demanding and more important than usual.
Siren voices from various quarters ask that we subordinate this duty to other considerations. Such voices are becoming ever more voluble. In this context, the principles embedded in our monetary policy framework have been, I think, instrumental in ensuring that we stay the course.