And, therefore, credibility is not to be taken for granted in the way we seek to stabilize the path of the economy in the face of shocks. At its broadest, in a world where medium-to-long-term inflation expectations are anchored principally by virtue of the central bank conducting policy consistent with the declared regime, the policymaker has little incentive to ‘cheat’ on stabilisation policy. That is because developing a reputation for being time inconsistent on that part of its task would risk a perception that it would be time inconsistent on achieving the inflation target over the medium run. In other words, it would risk undermining the credibility of the regime. A potential area for research is whether a ‘stabilization bias’ problem would reappear in models that combine central bank discretion with persistent deviations of mediumterm expectations from target stemming from imperfect or gradual learning by households and firms about the authority’s long-term objectives and its commitment to them. (c)  Would price-level targeting make stabilisation policy more effective? It is occasionally argued that stabilisation policy would be more effective if central banks targeted the price level rather than a rate of inflation. That need not mean a flat price level. It might mean that the central bank committed to deliver a path for the price level with a positive rate of inflation on average. The difference from today’s inflation targeting would be that bygones would not be allowed to be bygones.
The number of countries engaged in this global event and consequently the number of the involved of children and young people has been trended upwards. This year, GMW will take place in around 175 countries and will involve around 40 million children and young people. The global health and economic emergency caused by COVID-19, and its social effects have affected almost all aspects of life to all age groups of the society. We know that different age groups are experiencing these effects in different ways. Hence, related to students and younger people, in addition to health aspect, the pandemic has posed to them challenges in the field of education and employment. For these reasons, it is more important and relevant than ever, to provide them with the required knowledge on the personal finance management and the correct use of banking products. In this context, the theme of this year competitions and activities to take place is “Take care of yourself, take care of your money”. This theme highlights the crucial importance of knowledge in an evolving digitalised and innovative market, which enable people to avoid physical contact while using the financial and banking products, hence providing for a better protection of public health.