Environmental pollution is a typical example of market failure, and central banks should not be at the forefront of efforts to correct such failures. It’s not their job. What’s more, going green implies abandoning market neutrality, a principle which ensures maximum monetary policy effectiveness. It’s hard to imagine central bankers deciding whether bonds issued by a nuclear power station are green or not. And finally, in pursuing such remits, central bankers would again be entering the political arena, where there are many potential political traps that could undermine their independence and decision-making in the areas that need to stay of primary, if not exclusive, importance to them. This is a topic that would certainly warrant a separate presentation. I have tried to show at least briefly that central bank independence may not be as cast in stone as it seemed before the Global Financial Crisis. The new remits that central banks are starting to take on likewise indicate that opinions are changing. After the GFC, the former exclusive focus on price stability was widened to encompass financial stability. And new goals – or at least items – are gradually being added to the contemporary remits of central banks. All this shows that, beneath its seemingly placid surface, the world of central banks is a very lively, dynamically developing and extremely interesting place. What is interesting Czech central bankers at the moment?
How the U.S. outlook evolves in the future is fundamentally tied to the fortunes of the economies around the world. As I look ahead, I’m keeping a keen eye on all the data, both domestic and global, and the implications for our economy. With an uncertain outlook, vigilance and flexibility are essential for achieving our dual mandate goals of maximum employment and price stability. Persistently low inflation, heightened uncertainty, and global cross-currents make this a particularly challenging time for monetary policy, and my laser focus is on doing the best we can to support a strong economy and achieve our 2 percent inflation goal. Thank you. 1 Jerome H. Powell, Challenges for Monetary Policy, speech delivered at the “Challenges for Monetary Policy”  symposium, sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 23, 2019. 2 See the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, as amended effective January  29, 2019. 3 International Monetary Fund. 2019. World Economic Outlook Update: Still Sluggish Global Growth. Washington,  D.C., July. 3/3  BIS central bankers' speeches