Looking ahead, we expect the economy to further benefit from ongoing global growth and the still accommodative monetary policy stance. At the same time, for some months by now, we have been observing relatively high inflation rates and continued upward pressure on prices. Overall, we see risks to price stability on the upside. This calls for strong vigilance.
The title of my talk today is well known to those who have an interest in and may be well versed in the precepts of that component of public policy which is known as “monetary policy”: that is, the use of monetary instruments to influence macro-economic outcomes.