I am often asked whether the Bank’s policy objectives, basic thinking behind the conduct of monetary policy, and policy stance have changed since its decision in February. Next, I would like to outline my understanding of what has changed and what has stayed the same with regard to the Bank’s policy conduct. A. Question: has the aim of the Bank’s monetary policy changed?
With regard to the introduction of “the price stability goal in the medium to long term” in February, a frequent interpretation is that the Bank has finally adopted the so-called “inflation targeting framework”.