I won't elaborate in detail about these costs here, because I take as a starting point the agreement that price stability
is an important, if not the singular, objective for monetary policy.
The treaty establishing the European Community assigned to the ECB the maintenance of price stability
in the euro area as the primary objective and unambiguous mandate.
"The Reserve Bank is required, under the Policy Targets Agreement, to deliver price stability
in such a manner as 'to avoid unnecessary instability in output, interest rates and the exchange rate', and Professor Svensson's research indicates that the Bank is achieving this too.
The provisional themes for the three meetings are: issues concerning measurement of prices; decline in prices and its implications for economic activities; and monetary policy amid uncertainty over price stability
, the BOJ said.
However, Louis Dreyfus president Tim Stuart says compounders of specialized products (such as for automotive) are interested in hedging a portion of their business so they can pass on price stability
Recognizing that no one country's central bank has a monopoly on the right answers, I would like to share with you my views on why I believe price stability
is so important and what approaches can be taken to achieve this goal.
Each of these waves began with a long inflation - the Medieval Price Revolution (1200-1320), the 16th Century Price Revolution (1520-1620), the 18th Century Price Revolution (1720-1820), and the 20th Century Price Revolution (1896-1997) - followed by long periods of price stability
. In each price revolution, population grew and real wages fell, while returns on capital and land ownership rose and such measures of social discord as crime and illegitimacy increased.
Inflation control would certainly be easier if competition worked better in the service industries, but that is not the main obstacle to the achievement of price stability
. In the long sweep of history, the inflation rate for consumer services generally tends to move in the same direction as the rate of price change for commodities, as indicated in Chart 3.
He said monetary authorities would continue to ensure that the monetary policy stance remains appropriate, consistent with its primary mandate of safeguarding price stability
conducive to a balanced and sustainable economic growth.
The MPC reiterates its price stability
mandate and will continue to closely monitor all economic developments, particularly fiscal policy and its effect on the inflation outlook, and will not hesitate to adjust the key CBE rates to ensure price stability
over the medium-term.
Head of the central bank, Graeme Wheeler, said the policy had so far delivered price stability
without reducing long-term growth.
The Frankfurt-based central bank's only role is to ensure price stability
and for inflation to be held at under two per cent but close to that threshold, according to its founding texts.
It has confirmed the importance of central banks' focus on price stability
, but has also highlighted that maintaining price stability
is not enough to ensure financial stability.
Summary: The Consumer Protection Department at the Ministry of Economy, today, met representatives of various Economic Departments in the UAE to implement an integrated plan to ensure market price stability
during the Holy Month of Ramadan.