So if, over the past 40 minutes, I have been sufficiently boring then I promise to carry on in that vein. If not, then I promise to mend my ways. References Blinder, A.S., (1987) “Hard Heads, Soft Hearts: Tough-Minded Economics for a Just Society”, published by Addison-Wesley Publishing Company Estrella & Mishkin (1998) “Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty”, paper prepared for The National Bureau of Economic Research conference on Monetary Policy Rules, Islamorada, Florida, January 15–17, 1998 Friedman, M., (1968) “The Role of Monetary Policy” American Economic Review, March: 1–17 Keynes, J. M., (1923) “A Tract on Monetary Reform”, published by Macmillan, London Keynes, J. M., (1923) “Notes for Lecture to the National Liberal Club” reprinted in “Collected Writings of John Maynard Keynes”, Vol. XIX, Macmillan, London, 1981 King, M.A., (1997) “The Inflation Target Five Years On”, Lecture given to mark the tenth anniversary of the LSE Financial Markets Group Mankiw, N.G., (1998) “Comment” in (eds.) Solow, R.M. and Taylor, J.B. “Inflation, Unemployment and Monetary Policy”, MIT Press, Cambridge, USA Modigliani, F. & Papademos, L., (1975) “Targets for Monetary Policy in the Coming Year”, Brookings Papers on Economic Activity , No.
2/3  BIS central bankers' speeches  ** Since we are in Berlin, allow me to conclude with a European perspective: Europe has not developed global social networks like some important countries. This raises the stakes for the European authorities, if they want a stronger, more autonomous and more innovative European financial sector, to succeed in developing a coherent strategy. We do not have much time to decide this consistent European payment strategy, including EPI and a possible CBDC: one to two years. This makes our today’s discussion still more welcome. 3/3  BIS central bankers' speeches