2 This view emphasised, among other things:   central bank independence;    price stability as the primary objective of central banks; and    the importance of transparent communication for the solid anchoring of long-term inflation expectations.
But the consensus also emphasised four elements to which the ECB has never subscribed, namely:   the targeting of inflation at a relatively short and fixed horizon;    the assignment of a primary role to monetary policy in the management of aggregate demand in the short term;    the systematic disregard of money and credit indicators in the conduct of monetary policy; and    the asymmetric reaction to asset price bubbles as opposed to busts; the latter often referred to as the “cleaning-up strategy” in the context of the “Jackson Hole consensus”.