In all places: at all times? In stating the aforegoing, in free translation, I should not be misunderstood. I do not wish to imply that one monetary policy is always and everywhere appropriate.
Such a rendition of this narrative would do injustice not only to the principal author to whom I have referred but also to his antecedents, contemporaries and successors most of whom had and have, respectively, a keen sense of history. For it is the case that the political, economic, social and international environment of central banks is in constant flux.