Beyond the 4/5  BIS central bankers' speeches  potentially arbitrary labelling, the efficacy and desirability of a given policy should be judged solely by its outcome and its effectiveness in correcting market failures and imbalances. Only then can policies be evaluated intelligently, fairly and measurably. Today I have talked about how it has become more difficult for central bankers in open economies to conduct monetary policy. I attempted to highlight that in order to manage these difficult challenges, there needs to be sufficient pragmatism and agility by central bankers. Most importantly, policymakers have to be given sufficient space and autonomy to address rising challenges to our respective economies. I am reminded by John Baldoni’s article on “The Secret to Team Collaboration: Individuality”. The author warned about the risks of confusing between collectivism and collaboration. Collectivism leads to confined “group-think” and decisions; collaboration on the other hand breeds innovation. While collectivists do work towards a single goal, they ignore alternate paths to achieve that purpose. Collaborators, however, while similarly focused on a single purpose, arrive at their goals by incorporating different points of view and creative solutions. In short, collectivists value ideology over results. Collaborators are pragmatists that look for alternative ways to get things done. As we move forward and fight for greater policy autonomy, we might be tempted to think that integration and collaboration come at the expense of individuality and domestic autonomy. In my opinion, it is the exact opposite. Collaboration thrives with individuality and autonomy. This is not wishful thinking.
"7 In addition, the FOMC indicated it will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities, according to the framework announced a year ago.8 The FOMC also said that the "Committee will closely monitor incoming information and assess the implications for monetary policy." I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment, and inflation. Always in Motion Is the Future Because of the lag between policy actions and their effects, it will take time for the FOMC's actions to restore balance to the economy and return inflation to our 2 percent target. I expect inflation to decline to around 3-1/4 percent this year, before returning to our longer-run goal of 2 percent over the next two years. As tighter monetary policy continues to take effect, I expect real GDP to grow modestly this year, with growth then picking up somewhat next year. And I anticipate slow growth will continue to cool the labor market, with unemployment gradually rising to about 4 to 4-1/2 percent over the next year. Knowledge Lights Our Way I am confident we are on the path to restoring price stability. As always, I'll be monitoring the totality of the data and what it implies for the achievement of our goals. To paraphrase wiseyouphilosopher Yoda, little more knowledge lights way."