Follow the money

No one likes a show-off. But one could forgive Jean-Claude Trichet a quiet moment of satisfaction earlier this year. In a panel discussion at the Reserve Bank of Australia's 50th anniversary symposium in February, Trichet reminded the audience, in the gentlest way of course, that his central bank, unlike almost all its developed-country counterparts, had retained a place for measures of money in its monetary policymaking: "I take this opportunity to raise awareness in the central banking communi