If we look at the very active monetary policies of recent years in particular, and the thorough reform of financial regulation, it cannot be claimed that decision-making has been characterised by a blind faith in the infallibility of the markets. Monetary and economic policy has, on the contrary, centred on real world problems and taken a pragmatic approach.
At the same time, it has tried to make extensive use of research-based knowledge. *** Current monetary policy leans heavily on economic research in at least in two respects. Firstly, the current objective of price stability, and a monetary policy system based on an independent central bank that implements it, is the result of monetary policy research of the 1980s and 1990s.