At the same time there are elements in society who believe that we are too independent and that the goals of monetary policy should be changed. In my talk this evening, I will state the Bank’s perspective on these issues and then briefly review our monetary policy actions over the past year.
Monetary policy independence In discussing the issue of monetary policy independence, it is useful to distinguish between goal independence and instrument or operational independence. The former refers to the setting of the objectives of the central bank, while the latter relates to the actual implementation of the mandate that is given to the bank.