If the central bank was held accountable for failing to achieve one objective, it could always defend itself by saying that its efforts were directed at one or more of the other objectives which it viewed as more important at the time.
Thank you very much for your attention. 9  In particular if one abstracts from an early retirement scheme introduced in 1979. 10  It should be mentioned that the transition to a firm fixed exchange rate policy in Denmark was not fully completed until 1987.