I was working at the Bank in 1988 when then-Governor John Crow delivered the second-ever Hanson Lecture. Crow cemented the idea that price stability should be the prime mission for the central bank because it is the best contribution monetary policy can make to our economic well-being.
In this context, it is also important to point out that wage agreements should be sufficiently differentiated  BIS Review 47/2007  1  and take into account price competitiveness positions, the still high level of unemployment in many economies and productivity developments across sectors. The monetary analysis confirms the prevailing upside risks to price stability at medium to longer horizons.