For central bankers, the ultimate price of a stable financial environment is a low rate of inflation -- a rate that, in the words of Alan Greenspan, will have no material effects on the macroeconomic decisions of consumers, investors, traders, producers and all other participants in total economic activity.
This monetarist approach to monetary policy does not imply that central bankers have no interest in or sympathy for the national objectives of economic growth, job creation and the improvement of the living conditions of the people. On the contrary, central bankers believe that maximum economic development can only be achieved and sustained in an environment of stable financial conditions.