Looking ahead, the main priority will be to devise credible exit strategies to correct large fiscal imbalances and to demonstrate commitment to fiscal consolidation. As regards monetary policy, this is best conducted when a central bank has a clear and unambiguous mandate, a clear objective and a medium term orientation.
Central banks’ independence is paramount for achieving their mandates and monetary policy should be kept immune from political interference. The role of asset prices in the conduct of monetary policy deserves mention.