Through such considerations, one feels afresh the strong influences of the policy philosophy of policymakers, and furthermore, of the conventional wisdom surrounding policymakers which influence their behavior. As Keynes pointed out, “sooner or later, it is ideas, not vested interests, which are dangerous for good or evil” 8.
It is perhaps time that we revisit the philosophy behind monetary policy and financial regulation and supervision which we have become so accustomed to in recent years. Currently, my views on the direction for reassessment which I find necessary are the following three points. First, the importance of the objective of central bank policy.