Achieving and Sustaining Price Stability

The topic of this conference, An Institutional Framework for Monetary Stability, properly highlights one part of the problem of achieving and sustaining price stability. Without a supporting set of institutions, and public support of those institutions, a central bank finds it difficult, and in some countries impossible, to control inflation or deflation. Argentina is probably the best-known example of a developed country with inadequate institutions that prevent price stability, but it is not alone.