Fortunately, economic forces have led to better central bank behavior around the world during the past decade. If citizens and politicians lose sight of these benefits and the forces that have led to enhanced currency competition are thwarted, these gains could prove fleeting.
I believe that we must continue to work hard to lock in the gains achieved through anti-inflation credibility to ensure that the conquest will be long lasting. The lessons of the high inflation episodes are too important to forget. BIS Review 112/2006  7