Far from “buying” credibility, a “rigid” monetary policy rule might become unsustainable if the people anticipate inconsistencies with the rest of the macroeconomic policies. On the opposite extreme, “unrestricted discretion” would also lead nowhere and could contribute to a frustrating process.
5 See, for example, “Wage dynamics amid high euro-area unemployment”, Deutsche Bundesbank Monthly  Report, December 2016. 6 See Financial Integration in Europe, European Central Bank, May 2017 and European Financial Stability and  Integration Review 2017, European Commission, May 2017. 4/4  BIS central bankers' speeches