I believe the effectiveness of our policy can be attributed to three key features that characterise it: commitment, strategy and credibility. But let me add that we are fully aware that we cannot be complacent. A central bank’s job is “never done”, especially in a rapidly changing world.
The ongoing changes in the external environment within which policy is conducted and in the structure of the economy pose new challenges to us policy-makers. In my presentation, I would like to address three challenges for monetary policy.