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European Central Bank: Monetary policy strategy in a global environment

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Monetary policy strategy in a global environment, by by Philippe Moutot and Giovanni Vitale. European Central Bank, ECB, Occasional Paper Series No 106. August 2009.

  • “This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played only a limited role in reducing inflation and output volatility in developed economies. Central banks should remain focused on their mandate to preserve price stability.”
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