Central Banks ‘Doing Best They Can’ on Prices, BOE’s Posen Says
Posen made the comments in responding to questions at an event in Birmingham, England, today.
“Central banks’ job is not to lower inflation. Central banks’ job is to provide price stability. Central banks right now -- the major central banks including the Bank of England -- are doing the best they can, given the limits they’ve got and in terms of the shock we had, to provide price stability. We may get some things wrong -- I’ve certainly gotten some things wrong -- but our goal is price stability, not low inflation per se.”
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