Let me discuss how I see these elements from today’s perspective, particularly in the context of the recent experience of the global financial and economic crisis, and draw conclusions with regard to the usefulness of these elements for the future conduct of monetary policy.
Let me start with my general conclusion: In my view, the first three elements have proven to be very valuable assets during the crisis and I view them as absolutely essential to the success of monetary policy. The latter three elements of this consensus should be seriously reconsidered.