Each central bank, having a good understanding of conditions overseas, should assess its own economic and price situation in a forward-looking manner and carry out appropriate policies to ensure that economic growth and prices remain stable. Central bankers universally agree that the stability of the world economy is achieved by economic and price stability in each country supported by appropriate monetary policy.
Although the ultimate goal of monetary policy remains economic and price stability, I must add that to achieve this it is not enough to look only at price indices and growth rates.