Monetary stability cannot be ensured without safeguarding the purchasing power of the currency. Similarly, the credit system helps foster growth which could reinforce monetary stability. Hence, stabilisation of inflation at a low level and stabilisation of output around its potential level remain the quintessential objectives of monetary policy in most countries.
It is crucial that the sense of responsibility of national governments and wage bargainers will grow and reflect the new reality, the new policy regime, we are in now. 5  BIS Review 115/1999