Therefore, the commitment by the leaders’ of the G20 countries at the Summit in Toronto to pursue fiscal plans that will at least halve deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016 is also an important step. This commitment now has to be followed by bold policy actions. 4. Concluding remarks  Let me sum up.
Monetary policy should be focused on the goal of maintaining price stability over the medium term and central banks should be independent of governments in order to ensure an effective and credible pursuit of this goal. These principles are firmly enshrined in monetary policy frameworks of essentially all advanced economies and I see them strongly confirmed by the experiences of the crisis.