In the wake of the global financial crisis, it is clear that growth and employment became foremost concerns of most central banks, particularly in those economies where the recovery was slow and protracted, and where inflation was not perceived to be a threat.
However, the commitment to a flexible exchange rate should not be misconstrued to suggest that we are indifferent as far as the level of the exchange rate is concerned. The level of the exchange rate is a very important factor in the inflation process and gets taken into account when considering policy within the framework I have just described.